How to Access and Check the Status of Unclaimed Deposits on the RBI UDGAM Portal

In order to make it simple for bank clients to find any unclaimed deposits they may have, the Reserve Bank of India (RBI) has launched a centralized online service called UDGAM (Unclaimed Deposits – Gateway to Access Information). This step-by-step tutorial will show you how to sign up for UDGAM and monitor the status of your unclaimed deposits.

The RBI originally said in a statement on April 6, 2023, in the framework of the developmental and regulatory policies, its plan to establish a consolidated online platform for unclaimed deposits.
the URL for the RBI UDGAM Portal’s login page.

Users will first get access to data on unclaimed deposits for seven banks, of which six are active at the moment. SBI, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, and DBS Bank India are a few of the banks under question. Additionally, Citibank is accessible via the site for corporate businesses.

The platform, which the RBI announced on Thursday, intends to make it easier to look for unclaimed deposits across several banks in one location, according to the RBI. The site will initially include seven banks, with the addition of additional ones over time until October 15, 2023.

Getting Started with UDGAM and Checking Status

Individuals have to register for UDGAM using their cellphone number, name, and password of choice. Users may then log in to the site using their registered cellphone number and password. a confirmation It sends a One-Time Password (OTP) to the registered cellphone number. Users are asked for the account holder’s and bank’s names after a successful login. Then, they may choose one of five inputs for identification: their date of birth, PAN number, or voter ID number. Users may then specify the chosen bank for their search and submit the pertinent data.

Through the platform, users may choose several bank accounts. When the search parameters match unclaimed deposits, the site will provide the relevant account information. If there are no unclaimed deposits that fit the requirements, the result will be shown as “none.”
The UDGAM site, in the opinion of experts, represents a significant improvement in banking. It aids individuals in recovering money from various banks that they have forgotten about. This was created by the RBI to guarantee that consumers could readily recover their money, which is crucial. More individuals are also helped to comprehend and utilize money and banking wisely.

Currently, if you have money in many banks that you forgot about, you must visit the websites of each bank individually to retrieve it. Finding all of your misplaced money from several banks in one location will be simple thanks to this new website.

When there hasn’t been any movement on a deposit for 10 years or longer, it is referred to be unclaimed. When this occurs, the banks transfer the funds to the “Depositor Education and Awareness” (DEA) Fund, a particular fund run by the RBI. But don’t panic, even if the money has been transferred, you can still receive it back from the bank or banks where you made the deposit, together with any interest it generated, if you decide to recover it later.

According to the RBI, the rise in unclaimed deposits is mostly caused by people’s failure to cancel their unused savings or current accounts. It also happens when consumers make fixed deposits but fail to request their money back from the banks. Another circumstance is when someone goes away and the individuals who should get the money, such as family members or heirs, fail to request it from the bank(s).