The Reserve Bank of India (RBI) has launched the UDGAM portal, a centralized web platform designed to simplify the process of tracking unclaimed deposits across various banks. RBI said that through the new portal, users will be able to identify their unclaimed deposits or accounts.
Purpose of UDGAM Portal
RBI's UDGAM portal serves as a user-friendly tool for individuals to seamlessly track their unclaimed deposits, consolidating information from multiple banks into a single accessible place. With the increasing prevalence of unclaimed deposits, RBI has been actively promoting awareness campaigns to educate the public about the issue. Through UDGAM, RBI aims to empower citizens to identify their unclaimed deposits and connect with their respective banks to initiate claims.
Currently, the UDGAM portal provides access to unclaimed deposit information from seven banks, including prominent names such as State Bank of India, Punjab National Bank, South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India and Citibank NA. The search facility will be introduced in phases till October 15, 2023.
What is unclaimed amount?
- According to RBI, a deposit amount or account in banks is considered unclaimed or unclaimed when there has been no activity related to depositing or withdrawing money for ten years or more. The rising number of unclaimed deposits or accounts is mainly due to depositors failing to close their current or savings accounts.
- When customers do not use the accounts for a long time, they become unclaimed accounts.
- Accounts become unclaimed if banks are not informed about encashment of maturity FDs for a long time.
- The accounts become unclaimed even in the event of the death of the depositor and no nominee.
Follow these steps to take advantage of the Udgam portal-
- Complete the registration process by visiting the RBI UDGAM portal.
- Submit by entering name, mobile number, password, captcha code.
- Verify registration with the OTP sent to the mobile number.
- View UDGAM account by login through OTP.
- Process one more OTP.
- Bank account holder, bank name, or at least one criteria i.e. PAN card, voter card has to be entered.
- Now find out the unclaimed amount by searching.
- In this way you can get back the forgotten amount or non-active bank account deposit.