Unclaimed Money After Death: How to Find and Claim It (RBI UDGAM, IEPF)
Indian banks are sitting on over ₹67,000 crore in unclaimed deposits. Insurance companies hold another ₹25,000+ crore. Thousands of crores more are locked in unclaimed shares, dividends, and provident fund accounts.
Most of this money isn’t unclaimed because nobody wanted it. It’s unclaimed because nobody in the family knew it existed. The account holder died, and the information died with them.
If you’ve recently lost someone and you’re trying to piece together their financial life, this guide walks you through every government portal and process available to find and claim what’s rightfully yours.
Why Money Goes Unclaimed After Death
There are a few common reasons money gets left behind:
Nobody knew about the account. Your father opened an FD twenty years ago at a bank the family never used. He never mentioned it. After he passed, nobody thought to check that bank.
The account went dormant. A savings account with no transactions for 10 years is classified as “unclaimed” by the RBI. The money doesn’t disappear — it gets transferred to the RBI’s Depositor Education and Awareness (DEA) Fund. But it can still be claimed.
Shares and dividends were forgotten. Dividends unclaimed for 7 consecutive years — along with the underlying shares — get transferred to the Investor Education and Protection Fund (IEPF). Again, claimable, but most families don’t know this process exists.
Insurance policies lapsed or matured without anyone knowing. A policy bought decades ago, with premiums paid by auto-debit. The policyholder dies. Nobody in the family knows the policy exists. The maturity or death benefit sits unclaimed with the insurer.
The good news: the government has built several portals specifically to help you find this money. Here’s how to use each one.
RBI UDGAM Portal: Finding Unclaimed Bank Deposits
UDGAM stands for Unclaimed Deposits — Gateway to Access inforMation. Launched by the RBI in August 2023, it’s a centralised portal that lets you search for unclaimed deposits across multiple banks at once.
What Counts as “Unclaimed”
- Savings or current accounts not operated for 10 years
- Fixed deposits not claimed within 10 years from maturity
- Any deposit where the bank has lost contact with the account holder
If you’re looking for a deceased person’s forgotten FDs or old bank accounts, this is where you start.
How to Search on UDGAM (Step-by-Step)
- Go to udgam.rbi.org.in
- Register with your name, mobile number, and email
- Verify via OTP sent to your mobile
- Search using any combination of: name, date of birth, father’s name, PAN, or voter ID of the deceased person
- Review results — UDGAM will show which bank and branch holds unclaimed deposits matching your search
- Contact the bank branch directly to initiate your claim
How Legal Heirs Claim Through UDGAM
UDGAM only helps you find the deposits. The actual claim happens at the bank. As a nominee or legal heir, you’ll need to submit:
| Document | Why It’s Needed |
|---|---|
| Death certificate | Proves the account holder has passed |
| Your ID proof (Aadhaar, PAN) | Proves your identity |
| Legal heirship certificate or succession certificate | Proves your right to claim |
| Nominee declaration (if you’re the nominee) | May simplify the process |
| Bank’s claim form | Varies by bank |
If the deceased had a will naming you as beneficiary, carry that along with a legal heir certificate or succession certificate. For claims under ₹5 lakh, most banks have simplified settlement procedures that don’t require a succession certificate.
Tip: Search with multiple variations of the name. “Rajesh Kumar Sharma” might be registered as “R.K. Sharma” or “Rajesh K Sharma” in different banks.
IEPF: Claiming Unclaimed Shares and Dividends
The Investor Education and Protection Fund (IEPF) holds shares and dividends that companies transferred after they went unclaimed for 7 consecutive years. If the deceased person held shares — even ones bought decades ago — there may be money here.
How Shares End Up With IEPF
Here’s the typical chain of events:
- A person holds shares in a company
- The company declares dividends year after year
- The dividends go unclaimed for 7 years (maybe the address changed, maybe the person died)
- After 7 years, both the unclaimed dividends and the underlying shares are transferred to IEPF
- The money doesn’t vanish — legal heirs can still claim it
How to Check for Unclaimed Shares
- Go to iepf.gov.in
- Search using the deceased person’s name, PAN, or folio number
- Check results — you’ll see which company’s shares/dividends are held with IEPF
How Legal Heirs Claim From IEPF (Step-by-Step)
This process is more involved than UDGAM. Here’s what you need to do:
Step 1: Gather Documents
| Document | Details |
|---|---|
| Form IEPF-5 | The claim form (file online on MCA V3 Portal) |
| Death certificate | Of the original shareholder |
| Legal heir certificate | From SDM/Tehsildar if claim is under ₹5 lakh |
| Succession certificate | From court if claim exceeds ₹5 lakh |
| Original share certificates | If available (not mandatory) |
| Indemnity bond | On stamp paper, notarized |
| Affidavit | Supporting your claim |
| ID and address proof | Of the claimant |
If the deceased left a will, a probate of will can substitute for legal heir/succession certificates.
Step 2: File Online
- Fill Form IEPF-5 on the MCA V3 Portal
- Upload all documents digitally
- Note the SRN (Service Request Number) generated
Step 3: Submit Physical Documents
Send the printed Form IEPF-5 along with all physical documents to the Nodal Officer of the company whose shares you’re claiming. The company’s Nodal Officer details are available on iepf.gov.in.
Step 4: Wait for Verification and Approval
The company verifies your documents and submits a verification report to IEPF Authority. After approval, shares are credited to your demat account.
Timeline: 45–60 days after approval for shares to reflect in your demat account. A demat account is mandatory — if you don’t have one, you’ll need to open one before filing.
2025 Updates That Make This Easier
- Revised Form IEPF-5 (effective October 6, 2025) — streamlined under IEPF Authority Amendment Rules 2025
- SEBI simplified norms: FIR is no longer mandatory for claims up to ₹5 lakh — a self-declaration is now accepted
- Priority processing for claimants aged 75 and above
IRDAI / Bima Bharosa: Finding Unclaimed Insurance
Over ₹25,000 crore sits unclaimed with insurance companies across India. This includes matured endowment policies, death benefits nobody filed for, and survival benefits that were never collected.
How to Search for Unclaimed Insurance
- Go to bimabharosa.irdai.gov.in
- Search by policy number, PAN, name, or date of birth of the deceased
- Results will show unclaimed amounts across insurers
You can also check individual insurer websites — IRDAI requires all insurance companies to publish unclaimed amounts of ₹1,000 and above on their websites.
Important Timelines
- Insurance amounts unclaimed for 10+ years are transferred to the Senior Citizens’ Welfare Fund
- Even after transfer, claims can still be filed — but the process becomes longer
- Bima Sugam — a one-stop insurance platform — is expected to go live by end of 2025, which should make searching even easier
How to Claim as a Legal Heir
The claim process varies by insurer, but generally you’ll need:
- Death certificate of the policyholder
- Your identity proof
- Legal heir or succession certificate
- Policy document (if available)
- Claimant’s bank account details
Start by contacting the insurance company’s claims department with the policy details you found on Bima Bharosa.
Other Places to Check
EPF (Employees’ Provident Fund)
An EPF account becomes inoperative after 36 months of no contributions. If the deceased was employed in the organised sector at any point, there could be EPF money sitting unclaimed.
- Check: Log into the EPFO portal using the deceased’s UAN (Universal Account Number)
- Claim: Legal heirs use Form 20 to claim EPF balance, plus Form 10D for pension and EDLI insurance
We’ve covered the full process in our EPF claim after death guide.
PPF (Public Provident Fund)
PPF accounts become dormant after maturity (15 years) if the holder doesn’t extend or withdraw. The balance continues earning interest but won’t be automatically paid out.
- Check: Contact the post office or bank where the PPF account was held
- Claim: Nominee or legal heirs can claim with death certificate and identity proof
Our PPF death claim guide covers the complete process.
Old Fixed Deposits
FDs at banks the family doesn’t regularly use are easy to miss. If a matured FD isn’t claimed or renewed, the bank holds the money — and eventually it shows up as unclaimed on UDGAM.
- Check: Search on UDGAM and contact banks directly, especially ones where you’ve found old passbooks or statements among the deceased’s papers
- Claim: Follow the bank’s death claim process with standard documents
See our FD claim guide for the full process.
Master Checklist: Where to Search for Unclaimed Money
| Portal | What It Covers | URL | What You Need |
|---|---|---|---|
| RBI UDGAM | Bank deposits (savings, current, FDs) | udgam.rbi.org.in | Name, DOB, PAN, father’s name |
| IEPF | Unclaimed shares and dividends | iepf.gov.in | Name, PAN, folio number |
| Bima Bharosa | Unclaimed insurance amounts | bimabharosa.irdai.gov.in | Policy number, PAN, name, DOB |
| EPFO | Provident fund, pension, EDLI | epfindia.gov.in | UAN or member ID |
| Individual banks | Accounts not yet on UDGAM | Visit branch or call | Death certificate, ID proof |
| Individual insurers | Policies not on Bima Bharosa | Insurer’s website/branch | Policy number, death certificate |
Common documents you’ll need for almost every claim:
- Death certificate (multiple originals — get at least 10 copies)
- Your Aadhaar and PAN
- Legal heir certificate or succession certificate
- Deceased’s PAN (for searching portals)
- Bank account details (yours, for receiving the money)
A Few Practical Tips
Search early. Don’t wait months. The sooner you search these portals, the sooner you’ll know the full picture of what the deceased left behind.
Check physical records. Go through the deceased’s papers — old passbooks, FD receipts, share certificates, insurance policy documents, salary slips (for EPF). These give you leads that portal searches might miss.
Try name variations. Government databases are inconsistent. Search with full name, initials, maiden name (for married women), and common misspellings.
Get enough death certificates. You’ll need originals for each bank, insurer, and government claim. Order at least 10 copies.
Keep records of your searches. Note which portals you checked, when, and what you found (or didn’t find). This helps if you’re coordinating with other family members or a lawyer.
Losing someone is hard enough without the added stress of hunting for financial accounts nobody knew about. Anshin is built for exactly this — so your family knows where every bank account, old FD, dormant EPF account, and insurance policy is, without needing passwords. Just directions, so they know where to look.
Disclaimer: This article is for informational and educational purposes only. It does not constitute legal, financial, or tax advice. RBI, SEBI, IEPF, and IRDAI regulations referenced are subject to change. Claim timelines and processes may vary by institution. Consult a qualified professional for advice specific to your situation. Anshin is not a financial advisory service.