RBI Launches UDGAM Portal for Recovery of Unclaimed Deposits in Banks
New Delhi/RBI: The Reserve Bank of India (RBI) has launched the UDGAM Portal to help locate the rightful owners of “Unclaimed Deposits” in banks. This initiative will enable customers to identify their unclaimed deposits (UNCLAIMED DEPOSITS) in various banks.
What are Unclaimed Deposits?
“Unclaimed Deposits” refer to funds lying dormant in savings or current accounts that have not been utilized by customers for over 10 years or funds in fixed deposits where the maturity date has passed without withdrawal for 10 years. If you have forgotten about a deposited sum, you may now have a chance to recover that money, as the RBI has provided an opportunity through the UDGAM Portal to claim ownership of such funds.
Understanding the UDGAM Portal
1. The RBI had announced the development of a centralized web portal for identifying unclaimed deposits on April 2023.
2. Following the RBI’s notice, banks have been sharing lists of “Unclaimed Deposits” on their websites. To facilitate easy access of such data to customers and beneficiaries, the RBI introduced the UDGAM Portal.
3. Through the UDGAM Portal, customers can search for potential “Unclaimed Deposits” based on their input across different banks.
According to RBI’s annual report, unclaimed deposits in banks increased from INR 39,264 crores in the fiscal year 2021 to INR 48,262 crores in the fiscal year 2022.
States with Highest Unclaimed Amounts
The majority of ‘Unclaimed Deposits’ (Unclaimed Deposit) are found in banks of Tamil Nadu, Punjab, Gujarat, Maharashtra, West Bengal, Karnataka, Bihar, Telangana, and Andhra Pradesh.
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Current Availability of UDGAM Portal for 7 Banks
1. State Bank of India (SBI)
2. South Indian Bank Limited
3. DBS Bank India Limited
4. Citibank
5. Central Bank of India
6. Punjab National Bank (PNB)
7. Dhanlaxmi Bank Limited
As per RBI’s plan, this service will be extended to the remaining banks by October 15, 2023.
How to Locate Unclaimed Deposits?
To access RBI’s UDGAM Portal, visit https://udgam.rbi.org.in/.
On the home page, options for LOGIN and REGISTER are provided. If you’re a first-time user, you need to register here, and later you can log in.
Use your mobile number and password to click on LOGIN. An OTP will be sent to your registered mobile number.
After entering the OTP, the page will display a form where you need to provide the account holder’s name and the bank’s name.
You will need to enter one of the 5 inputs: PAN number, voter ID, driving license, or date of birth.
If there’s an unclaimed deposit under your name, it will appear in the search results. No results will be displayed if there are no unclaimed deposits.
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