RBI launches UDGAM portal to make searching for unclaimed bank deposits easier
To make the process of claiming unclaimed deposits easier for the public, the RBI has launched a centralized portal called Unclaimed Deposits – Gateway to Access inforMation (UDGAM).
The Reserve Bank of India (RBI) has been dealing with the growing volume of unclaimed deposits in the last few years. For the unaware, unclaimed deposits are balances in the savings or current accounts that have not been accessed in 10 years, or term deposits that have not been claimed within 10 years from the date of maturity, according to RBI. The unclaimed funds are moved to the “Depositor Education and Awareness” (DEA) Fund, although they can still be claimed by the depositor.
To make this process easier for customers, the RBI in April announced plans for the development of a ‘Centralised Web portal for the Public to Search Unclaimed Deposits', and now the portal has been launched.
RBI launches UDGAM portal
RBI on August 17 announced the launch of the Unclaimed Deposits – Gateway to Access inforMation (UDGAM) portal as a one-stop-shop to facilitate and make it easier for the public to search for their unclaimed deposits across various banks. Although banks at present display the list of unclaimed deposits on their respective websites, the new UDGAM portal would allow customers to search for their deposits in multiple banks from one place. Even though RBI has launched various public awareness campaigns from time to time to minimize unclaimed deposits for newer accounts, the trend is still increasing.
RBI in a press release said, “The launch of the web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.”
At present, seven banks are on board and can be searched for any unclaimed deposits on the UDGAM portal. The banks are:
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd
5. South Indian Bank Ltd
6. DBS Bank India Ltd
How to register and access the UDGAM portal
Step 1: To view and claim your unclaimed deposits, visit udgam.rbi.org.in or click here.
Step 2: Register for the UDGAM portal by clicking on Register and entering your details such as mobile number, name, and password, and agree to the disclaimers.
Step 3: After the registration process is completed, log in using your credentials.
Step 4: Next, search for your bank account, enter the required details such as PAN number, Voter ID, Aadhaar number, and more, and click on Submit.
Step 5: A list of bank accounts with unclaimed deposits will come up. Click on the inactive account you wish to claim funds from and click on Claim Amount. The funds will then be transferred to your currently active bank account.
RBI has also announced that the search 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 the seven respective banks.