How To Recover Forgotten Money In Old Bank Accounts

The RBI’s March 2024 Unclaimed Deposits Report noted ₹42270 crore lying idle in accounts without customer activity for ten years. That finding set the tone for the developments that followed through the year 2025.

The shift began once a June 2025 industry report placed total unclaimed amounts at about ₹67000 crore. This rise in a short period forced banks to improve search systems. Several banks linked their internal data with the RBI’s UDGAM portal during the first half of year 2025. The Ministry of Finance also tabled its status paper in March 2025, noting delays in claim processing.

District numbers added another layer. A Times of India report in February 2025 stated that Thane district held ₹452 crore in unclaimed deposits. That pushed local branches to set up help counters during high-visitor days such as pension disbursement dates.

What Forgotten Money Covers Under RBI Rules?

A dormant account is one without any customer-started activity for ten years. It changes to “unclaimed deposit” when the holder or nominee takes no action during that period. This covers savings accounts, current accounts and fixed deposits. 

It also includes expired term deposits, pending credit entries and unused prepaid instrument balances. Banks must transfer such funds to the Depositor Education and Awareness Fund after ten years. Claimants can still recover the full amount after verification.

A Loansjagat article that quoted the ₹42270 crore figure in March 2024 added more pressure on banks to integrate old account data. The below pages show how to recover forgotten bank account money without guesswork. 

These websites help claimants who lost old passbooks, moved cities or cannot track the original branch. They also support heirs who handle inherited accounts.

Claim And Verification Steps Shown On Regulator Pages

Government websites give a clear idea of how a person can claim money from an old or forgotten bank account. Earlier information was scattered across many pages, so people often felt confused. 

The pages run by the Reserve Bank of India and major banks now show the steps in a simple order. This helps depositors and heirs understand what they need to do before visiting a bank branch.

The claim process has three major parts. These parts are search, verification and the final claim. When a person follows them in the right order, the chances of delay reduce and the bank can complete the process smoothly.

This simple order gives a structure that was missing in many older articles. It shows how a person can move from search to final claim without guesswork.

Conclusion

People can search for their unclaimed accounts on UDGAM, study the verification requirements on rbi.org.in and use bank websites to complete the final claim. This three stage process makes the entire journey easier.

With better systems, clear rules and more helpful bank branches, people can recover forgotten money with less trouble. Families who manage older or inherited accounts benefit the most. The rise in unclaimed sums shows why timely checks is essential for families managing older or inherited accounts.
 

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LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.