RBI launches UDGAM to help you find unclaimed bank deposits

The Reserve Bank of India (RBI) has introduced a new web portal, "Unclaimed Deposits - Gateway to Access InforMation" (UDGAM), to facilitate the return of unclaimed deposits from banks to their rightful owners.

What is UDGAM?

UDGAM allows individuals to search for unclaimed deposits across various banks in one convenient location. By March 2023, both public and private sector banks had moved approximately Rs 42,272 crore to the Depositor Education and Awareness Fund.

RBI announced the creation of this centralised web portal in April this year to locate unclaimed deposits. The portal aids investors in identifying their dormant accounts and unclaimed deposits, enabling them to either claim the funds or reactivate their accounts. UDGAM portal was launched on Thursday.

How to search for unclaimed deposits on UDGAM

• Visit https://udgam.rbi.org.in/unclaimed-deposits/
  
• Register using mobile number, name, and password. Verify with OTP.
  
• Log in with mobile number, password, captcha, and OTP.
  
• Enter account holder's/joint account holder's name, select bank name, and enter identification details (PAN, voter ID, etc.).
  
• Unclaimed deposits, if any, will get displayed.

Banks on the portal

• State Bank of India
  
• Punjab National Bank
  
• Central Bank of India
  
• Dhanlaxmi Bank Ltd
  
• South Indian Bank Ltd
  
• DBS Bank India Ltd
  
• Citibank NA

What are unclaimed deposits?

Savings or current accounts inactive for 10 years, or term deposits unclaimed for 10 years from maturity, are categorised as 'unclaimed deposits.' These funds are transferred to the "Depositor Education and Awareness" (DEA) Fund managed by RBI.

Steps taken by RBI to reduce unclaimed deposits

RBI mandated banks to publish lists of unclaimed deposits older than a decade on their websites. Efforts to locate customers and legal heirs were made to return unclaimed deposits. The campaign "100 Days, 100 Pays" was launched, aiming to settle the top 100 unclaimed deposits of every bank in each district by September 8, 2023. Over the past five years, Rs 5,729 crore has been refunded from the DEA Fund to banks to settle the unclaimed deposits.