RBI Udgam Portal: The RBI stated that through the new portal, users will be able to identify their unclaimed deposits or accounts and either retrieve the deposit amount or reactivate the deposit accounts.
The search for unclaimed deposits is limited to seven banks.
The Reserve Bank of India (RBI) has introduced a centralised web portal called UDGAM (Unclaimed Deposits – Gateway to Access Information) that enables individuals to seek for their unclaimed deposits across multiple banks. The RBI stated that through the new portal, users will be able to identify their unclaimed deposits or accounts and either retrieve the deposit amount or reactivate the deposit accounts. According to the central bank, the quantity of unclaimed deposits has been increasing, and the RBI has launched a number of campaigns to raise awareness about the issue.
RBI launches UDGAM portal: Check process to register, search for unclaimed deposits
What is unclaimed deposits?
RBI defines unclaimed deposits as “balances in savings/current accounts that have not been operated for ten years or term deposits that have not been claimed within ten years of their maturity date.” The respective banks transfer these unclaimed deposits to the Depositor Education and Awareness (DEA) fund, which is managed by RBI. People can still withdraw their deposits and interest from the banks.
RBI Udgam Portal Registration
- Visit the RBI’s official UDGAM portal using the link provided – https://udgam.rbi.org.in/unclaimed-deposits/#/register. Complete the registration form.
- Click ‘Register’ and input the required information, such as your mobile phone number and name.
- Configure a password and input the captcha code.
- To finalise the registration, enter the OTP sent to your mobile number.
- Verify unclaimed deposits through the UDGAM portal
After successfully registering on the portal, you will be required to take additional steps to access any unclaimed deposits.
Steps to Login
- Enter your credentials to log in to the UDGAM portal.
- Enter the account holder’s name and choose your bank from the drop-down menu.
- Enter your PAN card, voter ID, driver’s licence, passport, or birth date.
- Click the ‘Search’ button.
- All of your unclaimed deposit accounts will be displayed on the screen.
Currently, users can only seek for unclaimed deposits at seven banks. State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd., South Indian Bank Ltd., DBS Bank India Ltd., and Citibank N.A. are among these institutions.
