RBI Introduces UDGAM Portal to Facilitate Finding Unclaimed Bank Funds
In recent years, the Reserve Bank of India (RBI) has been addressing the increasing number of unclaimed deposits. Unclaimed deposits refer to the balances in savings or current accounts that have remained untouched for a period of 10 years, or term deposits that have not been claimed within 10 years after maturity, as stated by the RBI. These unclaimed funds are transferred to the “Depositor Education and Awareness” (DEA) Fund, but depositors still have the opportunity to claim them.
To facilitate this process for customers, RBI announced plans in April to develop a centralized online portal for the public to search for unclaimed deposits, and now the portal has been launched.
RBI launches UDGAM portal
On August 17, RBI announced the launch of Unclaimed Deposits – UDGAM portal as a centralized one-stop service to make it easier and more convenient for the public to search for unclaimed deposits across banks. While banks currently display a list of unclaimed deposits on their respective websites, the new UDGAM portal will allow customers to search for their deposits across multiple banks in one place. Although RBI has launched various public awareness campaigns from time to time to minimize unclaimed deposits in newer accounts, the trend is still growing.
In a press release, RBI said, “The launch of the online portal will help users identify their unclaimed deposits/accounts and enable them to either redeem the deposit amount or get their deposit accounts operational with their respective banks.”
There are currently seven banks that can be searched for unclaimed deposits on the UDGAM portal. Banks are:
1. State Bank of India
2. Punjab National Bank
3. Reserve Bank of India
4. Dhanlaxmi Bank Ltd
5. South Indian Bank Ltd
6. DBS Bank India Ltd
7. Citibank
How to register and use the UDGAM portal
Step 1: You can view and claim your unclaimed deposits at udgam.rbi.org.in or click here.
Step 2: Register on the UDGAM portal by clicking Register and entering your details like mobile number, name and password and accept the disclaimers.
Step 3: Once the registration process is complete, log in with your credentials.
Step 4: Next, find your bank account, enter the required details like PAN number, Voter ID, Aadhaar number and others and click Submit.
Step 5: A list of bank accounts with unclaimed deposits will appear. Click on the inactive account you want to withdraw funds from and click Redeem Amount. The money will then be transferred to your active bank account.
RBI has also announced that the application facility for other remaining banks will be made available on the portal by October 15, 2023 in a phased manner. The UDGAM portal has been developed by Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) in collaboration with seven banks.
