Do you think being a nominee automatically means you receive the money? The answer is no – nominees often don’t know about unclaimed funds. Shockingly, the government had Rs 1,90,000 crore in unclaimed money in 2024, and the amount has grown in 2025. This figure does not even include unclaimed PF, LIC, mutual funds, or stocks.
Many hardworking individuals never see the money they earned because they or their nominees are unaware of its existence. Thankfully, the government has made it easier to check unclaimed funds online through two portals: UDGAM and MITRA.
UDGAM Portal: How To Check Unclaimed Money Deposits In Bank
The UDGAM (Unclaimed Deposits – Gateway to Access Information) portal, launched by the Reserve Bank of India, helps people locate unclaimed bank deposits. These include savings, current, or term accounts that have been inactive for over ten years. Such funds are transferred to the RBI’s Depositor Education and Awareness (DEA) Fund.
How To Use UDGAM
1. Visit the Portal: https://udgam.rbi.org.in/unclaimed-deposits/#/login
2. Register: Enter your name and mobile number to create an account.
3. Search for Deposits:
– Individuals: Provide account holder name, bank(s), and at least one identifier like PAN, Voter ID, Driving License, Passport, or Date of Birth.
– Companies: Enter the entity name, bank(s), and one identifier like PAN, CIN, Authorized Signatory, or Date of Incorporation.
4. Check Results: If found, the portal will show the Unclaimed Deposit Reference Number (UDRN).
Important: Claims cannot be made directly on the portal. You must approach the respective bank with the UDRN and KYC documents to reclaim the funds.
MITRA Platform: Locate Unclaimed Mutual Funds
The MITRA (Mutual Fund Investment Tracing and Retrieval Assistant) platform by SEBI allows investors to find unclaimed or inactive mutual fund folios. These often remain unclaimed due to outdated KYC details or the investor’s demise.
How To Use MITRA:
1. Visit the Portal: https://www.mfcentral.com/mitra
2. Enter Your Details: Use your PAN or Aadhaar number.
3. Review Results: The platform will display any unclaimed mutual fund folios with AMC details.
4. Claim Process: Contact the respective AMC with your KYC documents to retrieve the funds.
Tips To Claim Your Unclaimed Money
1. Update KYC: Keep all your financial KYC details current to avoid delays.
2. Check Regularly: Periodically use UDGAM and MITRA to ensure you don’t miss unclaimed deposits or investments for yourself or your family.
3. Seek Help if Needed: Consult a certified financial advisor if you face difficulties in claiming funds.
By checking these portals, you can reclaim forgotten money and ensure that hard-earned funds reach you or your family. Don’t let unclaimed assets stay hidden – take action today.