Your Money Your Right Shocked : How the Government Is Returning Lost Wealth
Your Money Your Right scheme explains how Indians can reclaim forgotten funds lying unused in banks, insurance firms, mutual funds, and share dividends through verified government platforms.
Table of Contents
Your Money Your Right Scheme and India’s Hidden Money Pool
A vast reservoir of unclaimed funds lies dormant in India.. According to official estimates, more than ₹1 lakh crore is lying unclaimed across financial institutions. These funds belong to ordinary citizens who either forgot, moved, or were unaware of their assets.
The breakup is eye-opening. Around ₹78,000 crore is parked in inactive bank accounts. Insurance companies hold nearly ₹14,000 crore in unpaid claims. Unclaimed share dividends total ₹9,000 crore, while mutual funds account for another ₹3,000 crore.
To address this problem, the government launched a scheme called ‘Your Money, Your Right,’ which is a nationwide effort to reconnect people with their own money in a legal and transparent manner.
Your Money Your Right Scheme : How to Check Unclaimed Funds Online
The process has been simplified through dedicated portals. For bank deposits, users can search their name, PAN, or voter ID on the RBI-backed UDGM portal.
Insurance policyholders can visit the IRDAI’s Bima Bharosa platform using policy and PAN details. Mutual fund investors can log into MF Central and check through the investor services section. Shareholders can search unpaid dividends or shares through the IEPF portal.
These platforms are official and free to use, ensuring safety and transparency.
Your Money Your Right Scheme Refund Process and Timeline
Once the unclaimed money is identified, the refund process begins. Insurance refunds generally take about 30 days after complaint registration. Mutual fund claims are settled within 15 to 45 days after KYC and bank verification.
For shares and dividends, investors must submit the IEPF-5 form and required documents to the company’s nodal officer via speed post. Though paperwork is involved, the process is clearly defined.
Your Money Your Right Campaign Progress and Deadline
So far, the government has already returned nearly ₹2,000 crore to rightful owners. To spread awareness, facilitation camps are being organized in 477 rural and urban districts across India.
The scheme remains active until December 2025, making timely action crucial. Citizens are encouraged not to delay their claims.
Your Money Your Right as Part of Larger Economic Reforms
This initiative is part of the government’s broader reform program, which includes GST 2.0, infrastructure upgrades, and modernization of the financial system. The objective is simple: to replace the old system and bring a new system and liquidity back into the economy.
FAQs
Q1. Who can apply under this scheme?
Any Indian citizen with unclaimed financial assets.
Q2. Is there any fee involved?
No, all portals are completely free.
Q3. Can heirs claim deceased relatives’ money?
Yes, with valid documents.
Q4. Is PAN mandatory?
PAN is preferred but alternatives exist.
Q5. What happens after December 2025?
Claims may become more complex post-deadline.
Disclaimer
This article is for informational purposes only. Readers should verify all details using official government portals and consult financial advisors before submitting claims. Participation involves procedural compliance, not guaranteed timelines.
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