Millions of Indians may soon be able to locate their lost savings through this new portal, which enables them to look for unclaimed bank deposits, dormant bank accounts, and unclaimed financial investments.
Launched by the Union Ministry of Finance, this initiative called the Common Landing Portal is an online tool that allows citizens to trace their unclaimed money held in various banks, insurance companies, mutual fund organizations, and listed companies.
This online portal has been introduced by the Ministry of Finance under its "Your Money, Your Right" initiative to assist citizens who have always been having trouble locating their unclaimed financial assets.
It has been developed by the Department of Financial Services in collaboration with the Public Sector Bank Alliance.
Also Read | Pahalgam attack probe takes unexpected turn with Hamas link investigation
One-stop access to forgotten assets
Until now, individuals searching for dormant deposits, unpaid insurance claims or forgotten investments had to visit multiple websites and navigate separate processes.
The new platform consolidates those pathways into a single access point, allowing users to search across various categories of financial assets through regulator-approved systems.
ANI Department of Financial Services Secretary M. Nagaraju said the portal is intended to improve accessibility and make it easier for citizens to reconnect with their rightful funds. The service is free to use and does not require registration.
What can users search for?
The portal connects users directly to the Reserve Bank of India's UDGAM platform, which helps trace dormant bank accounts, including savings accounts, fixed deposits and recurring deposits that have remained inactive for ten years or more.
Funds from such accounts are transferred to the RBI's Depositor Education and Awareness (DEA) Fund until claimed by the account holder or legal heirs.
The platform also links to tools managed by the Insurance Regulatory and Development Authority of India (IRDAI), enabling users to search for unclaimed life insurance proceeds and matured policies.
For investors, the portal provides access to the Securities and Exchange Board of India's MITRA platform, which helps identify inactive or unclaimed mutual fund folios.
In addition, users can locate unclaimed dividends and shares transferred to the Investor Education and Protection Fund Authority (IEPFA), where assets are moved after remaining unclaimed for seven consecutive years.
Recovery still requires verification
While this makes it easier for people to look for their lost money, the process must be completed with the help of the concerned organization.
Banks, insurers, and asset managers will still check the claims using the traditional method of Know Your Customer (KYC), along with the necessary documents.
In cases where legal heirs wish to claim any money on behalf of their deceased relatives, they can provide the necessary documentation to prove their right to do so.
Also Read | Yogi Adityanath’s ‘nalayak aulad’ remark draws attention after Ghaziabad encounter
Financial awareness movement
This launch comes as part of a wider campaign launched by various regulatory bodies and financial organizations to minimize the number of unclaimed assets.
It is believed that this move would not only enhance the efficiency of the recovery process, but also raise awareness about unclaimed money.
Many people would discover unclaimed money in their names which might have been lying with different banks and other organizations for years, even decades.
