The Reserve Bank of India has introduced a new web portal –
UDGAM (Unclaimed Deposits – Gateway to Access information – that will help
bank customers to locate their unclaimed deposits. The RBI said in a statement
that this portal will allow the public to search for their unclaimed deposits
across different banks in one place.
The portal is user-friendly and aims to raise awareness
about this serious issue. RBI urges people to communicate with their banks
regularly, so that they can recover their money without any hassle. This
reflects RBI's commitment to financial transparency and consumer protection.
Many bank accounts have been forgotten or neglected over
time, resulting in a large amount of unclaimed deposits in India. The RBI
estimates that the total value of these deposits is Rs 35,000 crore.
A Guide to Finding Unclaimed Deposits with UDGAM Portal
A new web portal has been launched to transform the way
users manage unclaimed deposits and accounts. The portal has a user-friendly
interface that allows individuals to easily locate their forgotten funds or
revive dormant accounts directly through their banks, as per the RBI.
This portal is the outcome of a joint effort between Reserve
Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology &
Allied Services (IFTAS), and various banks. The goal is to streamline financial
processes and enable users to have more control over their finances.
The service now provides access to unclaimed deposit
information from seven major banks: State Bank of India, Punjab National Bank,
South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India, and
CitiBank.
The RBI has stated that the search functionality for
deposits in other banks will be progressively added to the portal by October
15, 2023, as part of its phased approach. This initiative is a major step in
improving financial transparency and control for users across India.
How to register on the RBI UDGAM Portal
To find out if you have any unclaimed deposits in the banks
of your choice, you need to follow these steps on UDGAM Portal. First, create
an account using your name, mobile number, and a password. Then, sign in to the
portal and choose one of the search criteria. You can also select more than one
bank account to look for unclaimed deposits.
The portal will display any unclaimed deposits that match
your search criteria and the banks you have chosen.
Essential Papers for UDGAM Platform
To use the UDGAM portal effectively and find any unclaimed
deposits that may belong to them, users need to provide some essential
information. This information includes:
1. Mobile Number: This is required for registering on
the portal, verifying the user's identity, and receiving OTPs (One-Time
Passwords) for security purposes.
2.Name of the Account Holder: This should match
exactly with the name on the bank records, as this is a key criterion for
finding the correct deposits.
3. Bank Details: This refers to the bank or banks
where the user has or had any accounts that may have unclaimed deposits.
4. PAN (Permanent Account Number): This is another
identification criterion that can help locate any unclaimed deposits associated
with the user's PAN.
5. Voter ID: This is an alternative identification
option that users can provide if they do not have a PAN or prefer to use their
Voter ID instead.
6. Driving License Number: This is another
identification option that users can choose if they have a valid driving
license and want to use it as a proof of identity.
7. Passport Number: This is useful for users who may
have used their passport as identity proof when they opened an account or made
a deposit that may have become unclaimed.
8. Date of Birth: This is necessary to verify the
user's identity and match it with the bank records.
Users should have these documents ready when they access the
UDGAM portal, as this will make their search faster and easier.
UDGAM Portal: How It Can Help You
1. Single Point of Service:
The portal provides a comprehensive solution, enabling users
to easily find and access unclaimed deposits from different banks in one
location, without the hassle of checking multiple bank websites.
2. User-Friendly Design:
UDGAM makes it easy to search for dormant deposits with a
simple and intuitive interface. Its registration and verification process is
also easy to follow, making it suitable even for those who are not familiar
with technology.
3. Enhances Transparency:
UDGAM improves banking sector transparency by providing
accurate and up-to-date information on unclaimed deposits.
4. Supports Financial Inclusion:
By helping people recover their lost or unknown deposits,
the portal ensures that individuals get back what belongs to them, promoting
financial awareness and inclusion.
5. Saves Time and Effort:
Instead of visiting bank branches or browsing through
multiple bank websites, users can quickly search and claim their unclaimed
deposits from their homes, making the whole process efficient and
time-saving."
How to Claim Your Unclaimed Deposits from RBI UDGAM
Portal
The UDGAM portal is a website created by the Reserve Bank of
India (RBI) to help customers find and claim their unclaimed deposits. To use
the UDGAM portal, you need to follow these steps:
- Visit the UDGAM portal at
https://udgam.rbi.org.in/unclaimed-deposits/#/register
- Enter your name and phone number to register on
the portal.
- Set a password and type the Captcha code that
appears on the screen.
- Tick the checkbox to agree to the terms and
conditions and click on “Next.”
- Confirm your registration by entering the OTP
(One-Time Password) that you will receive on your phone.
Why have unclaimed deposits increased?
The Reserve Bank of India (RBI) issued a press release on
22nd July 2022, explaining the reasons behind the increasing amount of
unclaimed deposits in banks. One of the main factors is that depositors do not
close their savings/current accounts that they no longer use or need. Another
factor is that depositors do not submit their claims to the banks for fixed
deposits that have reached maturity.
Additionally, some accounts belong to deceased depositors
whose nominees/ legal heirs do not approach the bank(s) to claim the deposits,
RBI stated.
Conclusion
To sum up, the UDGAM Portal launched by the RBI is a useful
resource for both individuals and non-individuals who want to find and claim
their unclaimed deposits from different banks. The portal has a simple and
easy-to-use interface and a centralized system that helps the rightful owners
to access their funds quickly and effectively, fostering financial literacy and
inclusion.
