Forgotten about your deposits? Utilise RBI's UDGAM portal to reclaim

RBI UDGAM portal: In a bid to address the issue of unclaimed deposits and accounts, several major public sector banks in the country have collectively transferred holdings exceeding Rs 35,000 crore to the Reserve Bank of India (RBI). To ensure rightful heirs gain access to these unclaimed assets, the RBI has introduced an online portal named UDGAM. This portal, set to operate in full swing from October 16, 2023, aims to consolidate information from various banks, making it easier for individuals to search for and reclaim their forgotten deposits.

The initiative comes as a response to the escalating amount of unclaimed deposits. In a move to promote awareness among the public about this matter, RBI had previously initiated campaigns to sensitise individuals regarding unclaimed deposits. The UDGAM portal is another step towards streamlining the process of solving this issue.

Deposit recovery gateway

UDGAM is an acronym for ‘Unclaimed Deposits – Gateway to Access inforMation’, and its creation was announced in RBI's Statement on Developmental and Regulatory Policies on April 6, 2023. Governor of RBI Shaktikanta Das inaugurated the portal, highlighting its potential to serve as a central hub for reuniting individuals with their dormant deposits.

Unclaimed deposits, as defined by the RBI, encompass balances in savings or current accounts that have remained dormant for a decade, along with term deposits left unclaimed for 10 years after maturity. To ensure that these unclaimed funds do not remain idle, banks transfer them to the Depositor Education and Awareness (DEA) fund, managed by RBI. However, individuals still retain the right to claim their deposits, along with accrued interest, from their respective banks.

The web portal, developed through a collaboration between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks, will initially feature information from seven banks. As of now, individuals can access details about their unclaimed deposits from the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd., South Indian Bank Ltd, DBS Bank India Ltd, and Citibank NA. The phased implementation aims to include information from all banks by October 15, 2023.

Registration on the UDGAM portal is a straightforward process:

1. Visit the official UDGAM portal at udgam.rbi.org.in/unclaimed-deposits/#/register
2. Click on "Register" and provide necessary details like mobile number and name.
3. Set a password and enter the captcha code.
4. Enter the OTP sent to the mobile number to complete registration.

Once registered, users can follow these steps to access their unclaimed deposits:

1. Log in to the UDGAM portal.
2. Provide the account holder's name and select the relevant bank.
3. Enter details of PAN card, voter ID, driving licence, passport, or date of birth.
4. Click "Search" to view any unclaimed deposit accounts.

In line with the RBI's goal of addressing the matter of unclaimed deposits, the UDGAM portal represents a significant step towards financial inclusivity by ensuring that individuals rightfully regain access to their forgotten assets