The Reserve Bank of India has launched a very useful portal called UDGAM Portal. With this, you can find and claim your unclaimed or forgotten deposits across multiple banks in India. This is a centralized portal which has access across all the major banks in India. Furthermore, if your account has been declared inoperative then you can make it active again. This facility is being introduced after RBI’s observation of an increasing number of unclaimed deposits. Moreover, the bank is also holding awareness campaigns to educate account holders on how to claim their forgotten deposits.
What is RBI’s UDGAM Portal?
UDGAM can be described as a centralized web portal which acts as a gateway between account holders and banks to help find unclaimed deposits and get them back.
The portal is developed by the combined efforts of Reserve Bank Information Technology Pvt Ltd, Indian Financial Technology & banks including State Bank of India, Punjab National Bank, South Indian Bank, Central Bank Of India, Dhanlaxmi Bank, DBS Bank India, and CitiBank N.A.
What are Unclaimed Deposits?
As per RBI, unclaimed deposits are “balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity.”
“These unclaimed deposits are transferred by the respective banks to the Depositor Education and Awareness (DEA) fund, which is maintained by RBI. People can still claim their deposits from the banks along with the interest,” mentioned Zeebiz.
Also read:
What are Your Options if PPF Account Matures? Close it, Claim it, or Reconsider it
How to Use UDGAM Portal?
- Visit the portal first with this link.
- Now start the registration process by entering information such as name, mobile number, captcha, etc.
- Now complete the OTP verification process.
- Next, log in to the portal through OTP.
- Enter your account details on the next screen including account number, bank name, ID, etc.
- Finally began the search to find your unclaimed deposits.
