The Department of Financial Services (DFS) under the Ministry of Finance has launched the common landing portal for Unclaimed Financial Assets. The portal is developed in collaboration with PSB Alliance, to facilitate easier access to information relating to unclaimed financial assets, Ministry of Finance said in a cabinet note.
Netizens can access the portal at https://www.unclaimedassetsportal.in. The unclaimed financial assets serves as a unified platform providing access to search facilities relating to unclaimed bank deposits, insurance claims, shares, dividends and mutual funds available across the financial ecosystem.
“The initiative builds upon the nationwide campaign “आपकी पूँजी, आपका अधिकार (Your Money, Your Right)”, undertaken by the Department of Financial Services in coordination with financial sector regulators, banks and other stakeholders to facilitate awareness, tracing and restitution of unclaimed financial assets,” Ministry of Finance said.
The Portal would improve citizen convenience by bringing together access to multiple search facilities on a single platform and strengthen ongoing efforts towards reconnecting individuals with their rightful financial assets, DFS has said.
What Are Unclaimed Deposits?
Balances in savings and current accounts that remain inoperative for ten years, or term deposits not claimed within ten years from the date of maturity, are classified as Unclaimed Deposits.
What Happens To Unclaimed Deposits?
The Unclaimed Deposits are subsequently transferred by banks to the DEA fund maintained by the central Bank.
The Depositor Education and Awareness Fund Scheme, 2014, issued by the RBI, governs the norms related to unclaimed deposits and outlines details of utilisation of the fund, including inter alia, promotion of depositors’ interests and other purposes as may be specified by the RBI.
RBI Guideline On Inoperative Accounts/ Unclaimed Deposits
Reserve Bank of India had last year issued its latest guidelines on inoperative accounts/ unclaimed deposits in banks. RBI has said, the amended instructions shall come into force with immediate effect.
In the latest notification –Inoperative Accounts/ Unclaimed Deposits in Banks – Revised Instructions (Amendment) 2025 — the RBI says that a bank shall make available the facility of updation of KYC for activation of inoperative accounts and unclaimed deposits at all branches (including non-home branches).
Further, a bank shall endeavour to provide the facility of updation of KYC in such accounts and deposits through Video-Customer Identification Process (V-CIP).
