The RBI created this platform for the public to utilise in order to facilitate and make it easier for consumers to look for unclaimed deposits across numerous banks in one place.
Click here to access the UDGAM portal
Banks publish a list of unclaimed deposits on their websites. To improve and broaden depositors’ and beneficiaries’ access to such data, the RBI has decided to create an online platform that will allow them to search across various banks for probable unclaimed deposits depending on user inputs.
As part of the Statement on Developmental and Regulatory Policies dated April 6, 2023, the Reserve Bank of India had announced the creation of a centralised web facility for locating unclaimed deposits.
Purpose of UDGAM portal
With the web portal’s debut, customers will be easily able to locate their unused deposits and accounts, at which point they can either make their deposit accounts active at their individual banks or collect the unused deposit amount. The platform was created in partnership by participating institutions, Reserve Bank Information Technology Pvt Ltd (ReBIT), and Indian Financial Technology & Allied Services (IFTAS), according to the latest RBI press release.
Which banks are eligible now
For now, customers will be able to view information about their unclaimed deposits from the seven banks now listed on the portal.
List of banks available on centralised web portal for unclaimed deposits
1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd.
7. Citibank
The search feature for the remaining banks on the portal would be rolled in by October 15, 2023.
What is an unclaimed deposit?
The term “Unclaimed Deposits” refers to funds in savings or current accounts that have not been used for 10 years or in term deposits that have not been repaid within 10 years of the maturity date.
What is Depositor Education and Awareness
According to the provisions of this Section, any money held in an Indian bank account that has not been used for ten years or more, or any deposit or money that has been unclaimed for more than ten years, must be credited to the fund within three months of the ten-year mark having passed.
