Money Basics for Indians Part 12: Finding Unclaimed Money: Deposits, Shares, Insurance and EPF

This is Part 12 of Money Basics for Indians, our 12-part series on the everyday money systems every Indian should understand. New here? Start with Part 1: Bank Accounts and Deposit Insurance, or read the previous part, Part 11: Financial Scams and Digital Arrest.

Old savings accounts opened as students, dividends from shares a grandparent bought, a forgotten insurance policy, a PF account from your first job: Indian banks and institutions hold huge sums that nobody has claimed. Some of it may be yours or your family's.

Unclaimed bank deposits

Deposits left untouched for ten years are moved to the RBI's Depositor Education and Awareness (DEA) Fund. The money is not lost: you or your legal heirs can claim it, with interest where applicable.

• Use the RBI's UDGAM portal, launched in 2023, to search for unclaimed deposits across many banks at once, using a name and other details.
• Then visit the bank with KYC documents to claim the money or reactivate the account.
• Heirs will need the death certificate, proof of relationship and, if there was no nominee, documents such as a succession certificate. See Part 2: KYC, PAN, Aadhaar and Nominees on why nominees matter.

Unpaid dividends and shares

Dividends unpaid for seven years, and the underlying shares, are transferred to the Investor Education and Protection Fund (IEPF).

• Search for your name on the IEPF website or the company's website.
• File a claim online with the required documents, and follow the company's verification process.
• Old physical share certificates should be converted to demat form to avoid this in future.

Insurance policies

Insurers must publish unclaimed amounts on their websites. Search with the policy number or the policyholder's name and date of birth, then contact the insurer to claim.

Old EPF accounts

• Log in to the EPFO member portal with your UAN to see all your PF accounts.
• Merge old accounts from previous employers into your current one through an online transfer claim.
• If you have an old account without a UAN, contact EPFO with your past employer details. Read our job change checklist.

Mutual funds and post office savings

• Use the registrars' and industry platforms to find forgotten mutual fund folios linked to your PAN, including SEBI's MITRA platform for inactive folios.
• For old PPF, NSC or post office deposits, contact the post office where the account was opened.

Stop it happening again

1. Keep a simple list of every account, policy and investment, and tell your family where it is.
2. Update nominees and contact details everywhere.
3. Close accounts you no longer need. See Part 1: Bank Accounts and Deposit Insurance.
4. Make a will. Read wills and estate planning basics.

Thank you for reading

That completes Money Basics for Indians. Put these building blocks in place, and every bigger goal, from buying a home to retiring early, becomes easier.

The complete Money Basics for Indians series

1. Bank Accounts and Deposit Insurance
2. KYC, PAN, Aadhaar and Nominees
3. Your Credit Score
4. Repo Rate, EMIs and FD Rates
5. Post Office Small Savings
6. Old vs New Tax Regime
7. TDS, Advance Tax and AIS
8. Filing Your ITR
9. Taxes for Freelancers
10. Your Rights as a Bank Customer
11. Financial Scams and Digital Arrest
12. Finding Unclaimed Money

This article is for general information and education only. It is not financial, tax or legal advice. Rules, rates and limits change often, so check official sources such as the RBI, the Income Tax Department or India Post, or speak to a qualified adviser, before acting.