RBI Launches UDGAM Web Portal To Find Unclaimed Deposits In Banks

The Reserve Bank of India (RBI) has launched a new web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to help people find their unclaimed deposits in multiple banks.

The portal will allow users to search for their unclaimed deposits and accounts and either claim the deposit amount or make their accounts active again.

The portal has been developed in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.

Initially, users will be able to access details of unclaimed deposits in seven banks, with the search facility for remaining banks being made available in phases by October 15, 2023.

The launch of this portal comes as the amount of unclaimed deposits in banks is increasing, and the RBI has been conducting public awareness campaigns to educate people about this issue.

The RBI is encouraging individuals to identify and approach their respective banks to claim their unclaimed deposits. The decision to create this web portal was announced by the RBI in April 2023.

Unclaimed deposits are bank accounts or fixed deposits that have not been used for 10 years. These deposits are transferred to the RBI’s Depositor Education and Awareness Fund.

However, depositors can still claim their deposits with interest from the bank where the deposits were held. The RBI has noticed an increase in unclaimed deposits despite efforts to raise awareness.

This is mainly due to accounts that are not closed by depositors or redemption claims not being submitted for matured fixed deposits.

There are also cases where the account holders have passed away and their nominees or legal heirs do not claim the deposits.

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Currently, the portal includes seven banks, such as SBI and Punjab National Bank. To access your deposits, you need to register on the portal with your mobile number, name, and password.

Then, you can search for your deposits by entering your search criteria and selecting the bank. The portal will show you any unclaimed deposits you have in the selected banks.