• By Vaamanaa Sethi
  • Sat, 19 Aug 2023 04:45 PM (IST)
  • Source:JND
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The Reserve Bank of India (RBI) has launched an online website portal UDGAM (Unclaimed Deposits - Gateway to Access information) to allow users to “search their unclaimed deposits across numerous institutions at one place.”

“This portal has been developed by RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place,” RBI said in a press release.

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The central bank further added, “Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits,” the banking regulator said.

According to RBI, the web portal will help customers find their unclaimed deposits and accounts, for that they can either submit a claim for the deposit amount or activate their deposit accounts at their respective banks.

What does unclaimed deposits mean?

The unclaimed amount in inactive savings and current account after ten years of inactivity is termed as unclaimed deposits. Banks transfer these unclaimed deposits to the Depositor Education and Awareness Fund, which is managed by the RBI.

Yes, the depositor can go to a bank and retrieve the amount, however, the process is very complicated by the decision of which bank to go to and how many banks. To address this concern and reduce time and efforts, RBI has launched this website portal to allow users to search for unclaimed deposits across banks.

How to register to check for unclaimed deposit at UDGAM portal?

  1. Visit website UDGAM https://udgam.rbi.org.in/unclaimed-deposits/#/register

  2. Register your phone number and name.

  3. Set a password and then add the Captcha code.

  4. Tick the Check box and click Next. Enter OTP to verify.

How to check unclaimed deposits at the UDGAM portal?

  1. Visit websitehttps://udgam.rbi.org.in/unclaimed-deposits/#/login

  2. Enter your phone number, password, captcha code. Enter the OTP received.

  3. Enter account holder name and select the bank from the list.

  4. Enter at least one input from the search criteria – PAN, Voter ID, Driving license number, passport number, date of birth

  5. Click on the search option. It will display if there is any unclaimed deposit account.