Unclaimed Bank, Mutual Fund & Insurance Money: How To Track, Claim & Get Your Funds Back

How to reclaim unclaimed money from bank deposit, mutual funds and insurance policy (AI Generated)

Prime Minister Narendra Modi has urged Indian citizens to check and reclaim the their unclaimed financial assets lying idle in banks, mutual funds, and insurance companies.

According to PM Modi, Indian banks currently hold about Rs 78,000 crore in unclaimed deposits, while insurance companies have Rs 14,000 crore lying untouched. Additionally, mutual fund houses account for nearly Rs 3,000 crore in unclaimed investments, and around Rs 9,000 crore in unclaimed dividends remain unclaimed.

As a huge amount of people’s money remains idle, there are ways to reclaim their money through various portals.

In the following guidebook, we’ve given steps to reclaim that amount from banks, mutual funds, and insurance companies.

How To Check And Claim Your Dormant Bank Account Money

If a bank’s customer account remains dormant for over 2 years, then as per RBI guidelines, banks have to transfer the unclaimed asset to RBI’s DEA fund.

A lot of people think that once a bank transfers money to RBI’s DEA fund due to inoperativeness, then they won’t be allowed to take their money back. But it’s not correct.

Customer/depositor can claim a refund of their unclaimed amounts from their banks.

RBI has established the Depositor Education and Awareness Fund (Fund). The Scheme came into effect from May 24, 2014.

How To Get Unclaimed Bank Deposits

• Visit the bank’s website or the RBI’s UDGAM portal:
• https://udgam.rbi.org.in/unclaimed-deposits
• Log in with your PAN, Aadhaar, or name to search for unclaimed accounts.
• If you find your account, note the bank branch details.
• Visit the branch with your ID proof (PAN, Aadhaar) and supporting documents to submit a claim form.

How To Get Unclaimed Policy Amount

Unclaimed amounts in insurance policies typically arise when policyholders fail to collect maturity benefits, death claims, or other payouts. If no benefits are claimed for three years or more, the amount is classified as unclaimed. Common reasons include:

• Policy maturity or cessation of premium payments without initiating claims.
• Missing beneficiary information or delays in the claim process.

If unclaimed funds remain idle for over 10 years, they are transferred to the Senior Citizens Welfare Fund (SCWF), as mandated by the Insurance Regulatory and Development Authority of India (IRDAI). LIC, in compliance with IRDAI regulations, publishes details of unclaimed amounts above Rs 1,000 on its official website.

Unclaimed deposits can result from litigation, rival claims, blocked policies, or policyholders being out of reach—such as living abroad or delaying claims for pensions or annuities.

Steps to Reclaim Unclaimed Policy Amounts

Policyholders can easily verify any unclaimed maturity amount by following these steps:

• How to raise issue on Bima Bharosa
• Go to the Bima Bharosa website (bimabharosa.irdai.gov.in).
• Click “Register Complaint” and create profile with name, mobile number & email.
• Login and fill complaint form: select your insurer, enter policy/claim number, mention type of complaint (claim rejection/delay/refund etc.).
• Upload supporting documents — e.g. rejection letter, claim form, bills/reports, communication with insurer.
• Submit and you’ll get a token number — you can use it to track your complaint status online (“New”, “Pending”, “Attended”, “Closed”).

How To Reclaim an Amount From Mutual Funds?

MITRA platform is developed by the RTAs to provide investors with a searchable database of inactive and unclaimed Mutual Fund folios at an industry level which will empower the investors.

1. Go to MF Central (mfcentral.com)

This is the official SEBI-backed portal for claims.

2. Click on “Investor Services” → “Transmission / Claim”

This is where MITRA-style support begins.

3. Enter basic details

PAN of investor

Date of birth

Phone number or email

4. The platform shows all mutual fund holdings

Including those forgotten or unclaimed.

5. Submit Claim Request

Type of claim:

Normal claim (investor alive)

Transmission (if investor has died)

6. Upload documents

Based on case:

Aadhaar/PAN

Death certificate (if applicable)

Bank proof

Nominee ID proof

7. Track the claim online

MF Central + CAMS + KFintech coordinate to release the money.

8. Money is credited directly to your bank account