In a significant initiative aimed at assisting bank customers, the Reserve Bank of India (RBI) has introduced a web portal designed to aid individuals in locating and retrieving unclaimed deposits with various banks.
It’s common for individuals to overlook modest amounts left in their old accounts while moving forward by opening new bank accounts. Yet, over time, these forgotten funds have substantially accumulated, resulting in banks now holding over R35,000 crore in unclaimed deposits.
A centralised portal for unclaimed deposits
Aiming to return these unclaimed deposits to the rightful owners, the central bank has launched a centralised web portal UDGAM (Unclaimed Deposits - Gateway to Access information).
The portal, launched by RBI Governor Shaktikanta Das, has been developed by the central bank to help the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks in one place.
Presently unclaimed deposits from seven banks - State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India and Citibank - are available on the portal. The search facility for remaining banks on the portal would be made available in a phased manner by October 15.
Balances in savings or current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as Unclaimed Deposits. These amounts are transferred by banks to the Depositor Education and Awareness (DEA) Fund maintained by the RBI.
State Bank of India (SBI) tops the chart of unclaimed deposits worth R8,086 crore, followed by Punjab National Bank R5,340 crore, Canara Bank R 4,558 crore and Bank of Baroda R3,904 crore.
How to find your forgotten money?
To use UDGAM, individuals are required to register using their mobile number, name, and password on the portal (https://udgam.rbi.org.in/unclaimed-deposits/#/register). After completing registration, the individual can log in using their registered mobile number and password. An OTP will be sent to the registered mobile number for verification.
After successful login, users are prompted to provide the account holders and bank’s names. They then can select from five identification inputs: PAN number, Voter ID number, driving license number, or date of birth. Following this, users can input the relevant information and designate the desired bank for their search.
If the search criteria match unclaimed deposits, the portal will display the account details. If no unclaimed deposits are found, the result will indicate ‘none’.
Steps to find unclaimed deposits
Register at UDGAM portal (https://udgam.rbi.org.in/unclaimed-deposits/#/register)
Provide necessary details, including name, mobile number, password
Verify your registration through an OTP sent to your mobile number
Use your UDGAM account after logging in by using OTP
Once you enter details, you must again enter OTP to proceed further
You can now search for unclaimed deposits by entering the account holder’s name
You will be asked to provide one of the five identification inputs: PAN number, Voter ID number, Passport number, driving license number, or date of birth