RBI Introduces UDGAM Portal to Reclaim Unclaimed Deposits

Aditi

2 years ago

The Reserve Bank of India (RBI) has introduced a user-friendly central web portal named UDGAM (Unclaimed Deposits – Gateway to Access InforMation). This innovative portal is designed to facilitate bank customers in locating their unclaimed deposits.

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The RBI clarified that the primary aim of UDGAM is to simplify the process for individuals to discover any unclaimed deposits they might have across various banks, all within a single platform. This advancement streamlines the effort required by the public to search for and retrieve their unclaimed funds, enhancing accessibility and convenience.

More About the UDGAM Portal

The establishment of a centralized web portal for locating unclaimed deposits was initially announced by the RBI as part of the Statement on Developmental and Regulatory Policies issued on April 6, 2023.

India is estimated to have a significant sum of unclaimed deposits totaling around Rs 35,000 crore, reflecting the existence of numerous accounts that have been unintentionally forgotten or overlooked by their holders.

The UDGAM portal aims to simplify the process of reclaiming these unclaimed deposits. This innovative centralized web platform will serve as a convenient hub for users to effortlessly search for and identify their unclaimed deposits or accounts across multiple banks. By providing single-window access, the UDGAM portal offers an efficient solution to a previously cumbersome task.

RBI Udgam Portal Login Link

To access the RBI Udgam Portal, users can follow this link: https://udgam.rbi.org.in/unclaimed-deposits/#/login

As per the RBI’s information, users will initially have the ability to retrieve details about their unclaimed deposits from seven banks that are presently accessible on the portal.
Presently, the following six banks are operational for individuals:
- State Bank of India (SBI), Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, and DBS Bank India.
- Additionally, Citibank is available on the portal for non-individual accounts.
This selection of banks represents the initial cohort of institutions for which users can seek information regarding their unclaimed deposits through the UDGAM portal.

RBI Udgam Portal Registration Process

To begin using the Udgam Portal, users are required to complete a registration process using their mobile number, name, and chosen password.
Following successful registration, users can log in to the portal.
Upon logging in, users should provide at least one search criterion, along with their chosen bank selection.
It’s important to note that users have the option to select multiple bank accounts in their search for unclaimed deposits.

After entering the specified details, the portal will display any unclaimed deposits linked to the banks chosen by the user. This streamlined process simplifies the task of identifying and accessing unclaimed deposits, enhancing user convenience and efficiency.

How will Udgam Portal help users?

The Udgam Portal is poised to introduce enhanced transparency by establishing a centralized and inclusive platform designed to facilitate the discovery of such unclaimed investments.
This initiative is set to streamline the documentation process and the subsequent follow-up actions required for individuals seeking to claim their unclaimed assets.
The portal’s real-time accessibility ensures that claimants can readily access information about their claims.
One notable feature of the Udgam Portal is that users are now able to reactivate their dormant deposit accounts at their respective banks.

This transformative initiative also facilitates the methodical retrieval of unclaimed deposits that have remained inactive for a period of ten years or more. With the current roster of seven banks accessible through the portal, the task of retrieving unclaimed deposits has been simplified significantly, marking a major advancement in user experience and convenience.

What kind of deposits can be searched through the Udgam portal?

The Udgam Portal now enables users to identify and locate unclaimed funds from various sources, including fixed deposits, term deposits, balances in savings accounts, and current accounts.
Specifically, these are funds that have not been claimed or operated for a period of 10 years.
These funds, which were subsequently transferred to the Depositor Education and Awareness Fund (DEAF), can now be conveniently searched for and identified through the Udgam Portal.
This comprehensive platform significantly simplifies the process of recovering such unclaimed funds, streamlining the search and claim process for individuals.

Why this portal?

Unclaimed deposits encompass any funds present within savings or current bank accounts, as well as fixed deposits, which have not been operated for a period of 10 years.

When balances remain untouched in savings or current accounts for a span of 10 years, or when term deposits are not claimed within a decade from their maturity date, they are designated as “Unclaimed Deposits.”
These amounts are then shifted by banks to the “Depositor Education and Awareness” (DEA) Fund, which is maintained by the Reserve Bank of India (RBI), as detailed on the RBI’s website.
Despite this transfer to the DEA Fund, depositors retain the right to claim these unclaimed deposits, along with the accrued interest, from the bank where these deposits were initially held.

As of July 2022, the RBI expressed concern over the continued growth of unclaimed deposits, even in the face of endeavors to raise public awareness through bank initiatives and RBI campaigns. This issue highlights the significance of the Udgam Portal in simplifying the process for depositors to identify and reclaim their long-forgotten deposits.

Why unclaimed deposits have increased?

As revealed in the RBI’s press release on July 22, 2022, the increasing accumulation of unclaimed deposits can be attributed to several factors.

A significant portion of unclaimed deposits arises from savings and current accounts that depositors decide not to utilize any longer.
Additionally, it results from instances where redemption claims for matured fixed deposits have not been submitted to the banks.
Furthermore, there are situations involving accounts owned by deceased depositors. In such cases, the nominees or legal heirs, who are entitled to make claims on behalf of the deceased account holder, might not come forward to initiate the claims process with the relevant bank(s).

These combined factors contribute to the growth of unclaimed deposits, underscoring the importance of initiatives like the Udgam Portal to simplify the reclamation process for such funds.

Aditi

Hello, I’m Aditi, the creative mind behind the words at Oliveboard. As a content writer specializing in state-level exams, my mission is to unravel the complexities of exam information, ensuring aspiring candidates find clarity and confidence. Having walked the path of an aspirant myself, I bring a unique perspective to my work, crafting accessible content on Exam Notifications, Admit Cards, and Results.

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