A large pool of unclaimed assets continues to build up across India’s financial system, spanning bank deposits, shares, insurance and provident funds.
While the numbers are significant, the bigger problem is that many people simply do not know where to start or how to get their money back.
The good news is that the money is not lost. It remains claimable, but recovery depends on following the right process for each category and having the necessary documents in place.
HOW TO START THE PROCESS
The first step is to identify where your money is lying.
There is no single platform that covers all types of unclaimed assets, so you need to check across multiple databases. Start with bank deposits, then move to shares and dividends, followed by EPF and insurance.
For bank deposits, the Reserve Bank of India’s UDGAM portal allows you to search for unclaimed money across multiple banks using basic details such as name, PAN or date of birth.
If a match is found, note the bank and branch details.
For shares and dividends, check the Investor Education and Protection Fund (IEPF) website, where companies upload details of unclaimed amounts that have been transferred after a period of inactivity.
For provident fund balances, log in to the EPFO portal using your Universal Account Number (UAN). Even inactive accounts can be accessed and claimed online.
For insurance, visit the insurer’s website or use the centralised search facility provided by the regulator to check for unclaimed policies.
WHAT YOU NEED TO DO NEXT
Once you locate the asset, the next step is to initiate the claim with the concerned institution.
In the case of bank deposits, you must approach the bank branch linked to the account. You will need to submit a claim form along with identity proof, address proof and account-related details.
If the account holder has passed away, legal heir documents such as a death certificate or succession proof will be required.
For shares, the process is more structured. You need to file Form IEPF-5 online, print it, and submit it along with supporting documents to the company’s designated officer for verification before the claim is processed.
EPF claims can be filed directly online through the EPFO portal after completing KYC requirements. In most cases, Aadhaar, PAN and bank details must be linked for the claim to be processed.
Insurance claims require policy details, identity proof and nominee or legal heir verification, depending on the case.
WHERE MOST PEOPLE GET STUCK
The biggest hurdle is not the process itself, but the paperwork.
Many accounts become unclaimed because of outdated KYC details, change of address, or the death of the account holder without proper nomination. When this happens, institutions require additional documents such as legal heir certificates or indemnity bonds, which can slow down the process.
Fragmentation adds another layer of difficulty. Since different asset classes are handled by different regulators and institutions, individuals often have to navigate multiple systems before completing a claim.
Even when digital platforms exist, the process is not fully seamless. Identifying the asset is only the first step. Verification, documentation and approvals still take time and require follow-up.
WHY YOU SHOULD NOT DELAY
There is also a financial cost to inaction.
Unclaimed money, especially in bank deposits, often earns low interest, sometimes below inflation. Over time, this reduces the real value of the money, even if the nominal amount remains the same.
At the same time, delays can make documentation harder to retrieve, especially in cases involving legal heirs.
WHAT YOU SHOULD DO NOW
Start by checking one category at a time, beginning with bank deposits through the UDGAM portal, and then move to shares, EPF and insurance.
Ensure that your KYC details are updated across all accounts and that nominations are properly registered. For families, maintaining a consolidated record of financial assets can make a significant difference in avoiding such situations.
The process may take time, but it is straightforward if approached step by step. The key is to act early, keep documents ready, and follow through with the claim.
Because in most cases, the money is still there. It just needs to be claimed.
