Nilanjan
Have you ever wondered if your grandparents or other relatives left behind any unclaimed bank deposits that you are entitled to? If yes, then you are in luck. The Reserve Bank of India (RBI) has recently launched a web portal called UDGAM (Unclaimed Deposits – Gateway to access Information) that can help you find out if you have any unclaimed deposits across multiple banks in India.
What is UDGAM portal?
UDGAM portal is a centralised web portal that allows the public to easily locate their unclaimed deposits across multiple banks in one place. Unclaimed deposits are those deposits that have not been operated for 10 years or more. These deposits include savings accounts, current accounts, fixed deposits, recurring deposits, cash certificates, and other deposit schemes.
According to the RBI, as of June 30, 2021, there were about 2.8 crore unclaimed deposit accounts with an aggregate balance of Rs 24,356 crore lying with various banks in India. These unclaimed deposits belong to the customers or their legal heirs who have either forgotten about them or are unaware of them.
Why did RBI launch UDGAM portal?
The RBI launched UDGAM portal to address the issue of unclaimed deposits with banks and to facilitate the public to claim their rightful dues. The RBI has also mandated the banks to display the list of unclaimed deposits on their websites and to make periodic efforts to contact the customers or their legal heirs through letters, emails, SMS, etc.
The RBI has developed UDGAM portal in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. The portal aims to enhance financial inclusion and customer service by using digital technology to deliver banking services efficiently.
How does UDGAM portal work?
UDGAM portal works as a search engine that allows the users to search for their unclaimed deposits across multiple banks by entering their name, date of birth, PAN, Aadhaar, mobile number, email ID, or deposit account number. The portal also provides the contact details of the bank branch where the unclaimed deposit is held and guides the users on how to claim their deposit.
The portal also has a FAQ section that answers common queries related to unclaimed deposits and a feedback section that allows the users to share their suggestions or complaints regarding the portal.
Which banks are available on UDGAM portal?
As of now, UDGAM portal provides the search facility for unclaimed deposits concerning seven banks namely State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank of India, Canara Bank, Indian Bank, and Bank of India. These seven banks account for about 50% of the total unclaimed deposits in India.
The RBI has said that the search facility for remaining banks on the portal will be made available in a phased manner by October 15, 2023. The RBI has also advised the users to check the websites of other banks where they may have accounts for unclaimed deposits until they are integrated with UDGAM portal.
How can you use UDGAM portal to find out if your grandparents left unclaimed bank deposits?
If you want to use UDGAM portal to find out if your grandparents or other relatives left any unclaimed bank deposits that you are entitled to, you can follow these five simple steps:
- Visit https://udgam.rbi.org.in/ and click on “Search Unclaimed Deposits”.
- Enter any one or more of the following details: name, date of birth, PAN, Aadhaar, mobile number, email ID, or deposit account number. You can also enter the name of the bank if you know it.
- Click on “Search” and wait for the results. If there are any matches, you will see a list of unclaimed deposit accounts along with the bank name, branch name, and contact details.
- Note down the details of the unclaimed deposit account that belongs to you or your relative and contact the bank branch where it is held.
- Follow the instructions given by the bank branch on how to claim your deposit. You may have to submit some documents such as identity proof, address proof, relationship proof, death certificate (if applicable), etc.
UDGAM portal is a user-friendly and convenient way to find out if you have any unclaimed bank deposits across multiple banks in India. You can use it anytime and anywhere from your mobile device. You can also share the portal with your friends and family who may have unclaimed deposits. UDGAM portal is a great initiative by the RBI to ensure that every penny lying unclaimed with the banks reaches its rightful owner. So, what are you waiting for? Visit UDGAM portal today and find out if your grandparents left any unclaimed bank deposits for you. You may be surprised by what you discover.
