We’ve all experienced the joy of discovering a forgotten Rs 500 note in an old jacket or a pair of jeans. It feels like an unexpected gift, doesn’t it? Now, imagine discovering not just a few hundred rupees but potentially thousands or even lakhs sitting idle in a bank account. That’s what unclaimed deposits are—your money, waiting to be reclaimed.
According to the Reserve Bank of India (RBI), as of March 2024, unclaimed deposits worth a massive Rs 78,213 crore are lying dormant in various banks across the country. These funds, transferred to the Depositors’ Education and Awareness Fund (DEAF), earn only 3% interest per annum, limiting potential returns for depositors.
To help people track and recover their unclaimed funds, the RBI launched the Unclaimed Deposits – Gateway to Access Information (UDGAM) portal in August 2023. This online platform allows users to search and consolidate unclaimed deposits across different banks in one place.
What Are Unclaimed Deposits?
Unclaimed deposits are funds left in bank accounts that remain inactive for a long time. Here’s how they become unclaimed.
Dormant accounts are savings or current accounts that are marked inactive if no activity occurs for two years. Similarly, fixed and recurring deposits are classified as dormant if not claimed within two years of maturity.
Unclaimed deposits are those in dormant accounts that are not operated for an additional eight years. The money is then transferred to the DEAF and becomes unclaimed.
This often happens due to forgotten accounts, unclaimed fixed deposits, or the death of account holders without proper succession planning.
How Does the UDGAM Portal Help?
The UDGAM portal was developed by the RBI in collaboration with ReBIT (Reserve Bank Information Technology Pvt Ltd), IFTAS (Indian Financial Technology & Allied Services), and participating banks. It simplifies the process of identifying and reclaiming unclaimed deposits from multiple banks.
Currently, 30 banks, accounting for 90% of unclaimed deposits, are listed on the portal. Key banks include State Bank of India, Punjab National Bank, South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India, and CitiBank N.A.
The remaining banks were integrated into the portal by October 15, 2023.
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How to Use the UDGAM Portal
To check for unclaimed deposits, follow these simple steps.
Visit the UDGAM Portal and access the official website.
Register an account by entering your mobile number, name, password, and CAPTCHA code. Submit the details and verify with an OTP sent to your mobile.
Log in using your registered mobile number and password. Verify again with another OTP.
Search for deposits by providing details like the account holder’s name and bank name(s).
Enter at least one search criterion such as PAN, Voter ID, Driving Licence Number, Passport Number, or Date of Birth.
Click Search to view the unclaimed deposits.
What’s Next After Finding Unclaimed Deposits?
If the portal shows unclaimed deposits linked to your details, approach the respective bank to reactivate the dormant account or claim the funds. Banks may ask for documents such as ID proof, account ownership proof, and succession certificates if the original account holder is deceased.
Why Did RBI Launch the UDGAM Portal?
The RBI introduced the UDGAM portal to tackle the rising issue of unclaimed deposits and to ensure rightful owners or their legal heirs can reclaim their money easily. Awareness campaigns are also being conducted to encourage people to check their accounts regularly and claim their deposits through the portal.
Unclaimed money doesn’t have to stay forgotten—log in to UDGAM today and take control of your funds!