Harshvardhan Mishra
Introduction: When Hard-Earned Savings Go Unnoticed
For generations, Indian households have followed a culture of disciplined saving. From opening a simple savings account to purchasing life insurance policies, investing in mutual funds, earning dividends from shares, or contributing to retirement schemes, financial planning has always been closely linked with family security. These savings are meant to support crucial life goals—children’s education, healthcare needs, housing, or a dignified life after retirement.
However, over time, a significant portion of these carefully accumulated savings has slipped out of active use—not because the money was lost or misused, but because it remained unclaimed. Many citizens and families are unaware that such assets even exist in their names or in the names of deceased family members. Changes in residence, outdated contact details, lack of documentation, or missing information among legal heirs often break the link between individuals and their own money.
Recognising this silent but widespread issue, the Government of India launched a nationwide initiative aptly titled “आपकी पूंजी, आपका अधिकार – Your Money, Your Right”. The campaign seeks to reconnect citizens with their forgotten financial assets and reaffirm a fundamental principle: money that belongs to citizens must ultimately reach its rightful owners.
Understanding Unclaimed Financial Assets
Unclaimed financial assets refer to money held by regulated financial institutions that has not been claimed by the account holder or their legal heirs for an extended period. Importantly, such money remains safe within the formal financial system and is protected by law.
These assets broadly include:
- Bank deposits, such as savings accounts, current accounts, fixed deposits and recurring deposits, that have not been operated for ten years or more
- Insurance policy proceeds that remain unpaid beyond the due date
- Mutual fund redemption amounts or dividends that could not be credited due to issues like bank account changes, closure of accounts, incomplete records, or pending KYC
- Unclaimed dividends and shares that are transferred to statutory authorities after a specified period
- Pension and retirement benefits that remain unclaimed due to lack of awareness or procedural gaps
In most cases, these assets become unclaimed due to routine life events. Migration for employment, frequent changes in address, loss of physical documents, or the absence of updated nominations often result in financial disconnection. For families, especially legal heirs, the absence of clear information can mean that rightful savings remain untouched for years.
The “Your Money, Your Right” Initiative: A Citizen-Centric Response
To address this challenge systematically, the Government launched “Your Money, Your Right” in October 2025 as a nationwide awareness and facilitation drive. The initiative is coordinated by the Department of Financial Services (DFS), Ministry of Finance, in collaboration with major financial sector regulators.
These include:
- Reserve Bank of India (RBI)
- Insurance Regulatory and Development Authority of India (IRDAI)
- Securities and Exchange Board of India (SEBI)
- Investor Education and Protection Fund Authority (IEPFA)
- Pension Fund Regulatory and Development Authority (PFRDA)
The central objective of the initiative is simple yet powerful: to help citizens identify, access, and reclaim financial assets that legally belong to them, using transparent systems and simplified processes.
The Scale of Unclaimed Money in India
The magnitude of unclaimed financial assets in India is substantial and spans multiple segments of the financial system.
Indicative estimates show that:
- Indian banks hold around ₹78,000 crore in unclaimed deposits
- Unclaimed insurance policy proceeds amount to nearly 14,000 crore
- Unclaimed mutual fund amounts are estimated at 3,000 crore
- Unclaimed dividends account for approximately 9,000 crore
Together, these figures underline a significant reality: tens of thousands of crores of rupees belonging to citizens remain unused, despite being safely held by regulated institutions.
Why Addressing Unclaimed Assets Matters
Unclaimed money is not merely a statistical concern. For households, it can mean delayed access to funds needed for education, healthcare, emergencies, or livelihood support. For senior citizens, unclaimed pensions or insurance benefits can directly affect financial independence and security.
From a systemic perspective, unclaimed assets weaken the relationship between citizens and the formal financial system. When individuals are unable to access their own money, it erodes trust, reduces participation, and discourages long-term financial planning.
The Your Money, Your Right initiative addresses this gap by restoring confidence, strengthening financial inclusion, and reinforcing the principle of citizen ownership within India’s financial ecosystem.
Digital Platforms Enabling Asset Recovery
A key pillar of the initiative is the use of dedicated digital portals, each designed to help citizens trace and reclaim specific categories of unclaimed assets.
UDGAM Portal: Tracing Unclaimed Bank Deposits
Developed by the Reserve Bank of India, the UDGAM portal provides a centralised search facility for unclaimed bank deposits across participating banks.
When a bank deposit remains unclaimed for ten years or more, it is transferred to the Depositor Education and Awareness Fund (DEA Fund). Crucially, this transfer does not affect ownership. There is no time limit for customers or legal heirs to claim their money.
The portal allows individuals to identify unclaimed balances, after which claims are settled directly by the respective banks.
Portal: https://udgam.rbi.org.in/unclaimed-deposits/#/login
Bima Bharosa Portal: Unclaimed Insurance Proceeds
The Bima Bharosa portal, developed under the guidance of IRDAI, helps policyholders, nominees and legal heirs trace unclaimed insurance proceeds.
An insurance amount is treated as unclaimed if it remains unpaid for more than twelve months from the due date. If such proceeds remain unclaimed for over ten years, they are transferred to the Senior Citizens’ Welfare Fund (SCWF). Even after this transfer, beneficiaries retain the right to claim the amount for up to 25 years.
There is no fee for claiming unclaimed insurance proceeds. Policyholders or legal heirs can approach insurers even after transfer to SCWF.
The framework also stresses preventive measures such as updating contact details, registering nominations, linking policies with Aadhaar and PAN, and storing documents securely, including through DigiLocker.
Portal: https://bimabharosa.irdai.gov.in/
MITRA Portal: Unclaimed Mutual Fund Investments
The Mutual Fund Investment Tracing and Retrieval Assistant (MITRA), hosted on MF Central, enables investors to trace unclaimed and inactive mutual fund investments.
Unclaimed mutual fund amounts typically arise when redemption or dividend proceeds cannot be credited due to outdated bank details, incomplete records, or pending KYC. In such cases, funds are transferred to designated unclaimed schemes but remain claimable at any time.
Additionally, mutual fund folios become inactive if no transaction occurs for ten years, even if units remain available.
MITRA helps investors identify such investments, after which they can approach the concerned Asset Management Company (AMC) or Registrar and Transfer Agent (RTA).
Portal: https://app.mfcentral.com/investor/signin
IEPFA Portal: Unclaimed Dividends and Shares
Dividends and shares that remain unclaimed for seven consecutive years are transferred to the Investor Education and Protection Fund Authority (IEPFA).
The IEPFA portal allows individuals to search for unclaimed dividends, shares or deposits using details such as PAN, name, company name, or demat/folio number. There is no charge and no time limit for filing a claim.
Portal:
https://www.iepf.gov.in/content/iepf/global/master/Home/Home.html
Taking the Initiative to the Ground
Beyond digital access, Your Money, Your Right places strong emphasis on direct citizen engagement.
The campaign was implemented as a three-month nationwide drive from October to December 2025, covering all States and Union Territories. It is anchored in the 3A Framework:
- Awareness – educating citizens about unclaimed assets
- Accessibility – simplifying access through digital and physical platforms
- Action – enabling claims and restoring funds
Between October and 19 December 2025, facilitation camps were organised in 668 districts. These camps involved district administrations, public representatives, banks, insurers and other financial institutions.
Helpdesks and digital kiosks assisted citizens in checking unclaimed assets, initiating claims, and completing KYC or re-KYC formalities. Citizens were also encouraged to enrol in financial inclusion schemes, strengthening their long-term engagement with the formal financial system.
Measurable Outcomes at the District Level
District-level implementation translated national intent into real outcomes. Dormant and unclaimed accounts were identified, claims were processed, and funds were restored to beneficiaries. In several cases, settlements were completed on the spot during outreach activities.
The coordinated presence of multiple institutions on a single platform reduced delays, simplified procedures and enhanced citizen convenience.
Progress Achieved So Far
The collective efforts of government departments, regulators and financial institutions delivered tangible results. Nearly ₹2,000 crore was returned to rightful owners, reconnecting families with savings that had remained untouched for years.
Equally important, the campaign improved awareness around nominations, record-keeping and documentation, supporting better financial planning at the household level.
Conclusion: Restoring Trust, One Claim at a Time
आपकी पूंजी, आपका अधिकार – Your Money, Your Right is a focused, citizen-first initiative that addresses a long-standing gap in India’s financial system. By combining awareness, digital access and on-ground facilitation, it ensures that money belonging to individuals and families does not remain forgotten.
Beyond recovering funds, the initiative strengthens trust in financial institutions, reinforces financial inclusion and promotes responsible financial behaviour. By ensuring that personal savings remain accessible, protected and transferable, Your Money, Your Right contributes to a more transparent, inclusive and responsive financial ecosystem—where every citizen’s money truly remains their right.
Reference: https://www.pib.gov.in/PressNoteDetails.aspx?NoteId=156739&ModuleId=3®=3&lang=1
