RBI UDGAM Portal: A Step-By-Step Guide To Track Unclaimed Deposits

As of March 2024, the Reserve Bank of India's annual report for 2023-24 has estimated the total amount of unclaimed bank deposits across the country to be around Rs 78,213 crore. The money siphoned off to the Depositors' Education and Awareness Fund (DEAF) amounts to minimal returns of just 3 per cent annual interest, compared to what would have been earned with active accounts. To aid depositors in finding and accessing the amount, RBI launched Unclaimed Deposits – Gateway to Access Information in August 2023. This centralized portal helps users accumulate all unclaimed deposits with specific banks, although claims must be submitted individually with the target bank.

What are Unclaimed Deposits?

If savings and current accounts are idle for two years, they fall under the dormancy category. The condition for recurring and term deposits is that these accounts have been left unattended for more than two years after the maturity date. If these dormancy statuses remain idle for the next eight years, then ten years, the money is transferred to the DEAF, and they are termed as unclaimed deposits.

How to open UDGAM account

There are presently 30 banks connected to the UDGAM portal, reaching around 90 per cent of the total worth of unclaimed deposits in DEAF.

The portal has a minimal process of registering, through which users can access this money.

Registration on UDGAM: The Step-by-Step Guide

1. Visit the UDGAM official website and log in to complete the registration process

2. Accept RBI's disclaimer policy and authenticate legitimate use

3. Finalize the process by using the OTP that has been sent to the registered mobile number

Information Compilation to Initiate Search

To search for unclaimed deposits in individual accounts, users are expected to have key information on hand regarding the account holder's name, bank name, and at least one identification detail such as PAN, voter ID, driving license, passport number, or date of birth. Users need the name of the entity, bank name, and at least one of the following identifiers: the authorized signatory, PAN, CIN, or the date of incorporation for non-individual accounts held by Hindu undivided families (HUF), proprietorships, companies, partnerships, or limited liability partnerships (LLP).

If information about specific account details is unavailable, users can try entering the address of the account holder or entity to search.

Finding Unclaimed Deposits: Step-by-Step

Once registered the account opener will be able to access the following steps to trace unclaimed deposits:

1. Go to the UDGAM website and log in using your mobile number, password, captcha, OTP

2. Type in the name of the account holder as per the bank

3. Select one or more banks (select all banks)

4. At least one proof of identity such as PAN, voter's ID, DL, passport, or date of birth

5. Click on 'search' to view any matching unclaimed deposit accounts

Interpreting UDGAM Results

In the search results of UDGAM, the name of the account holder, the name of the bank along with a link to the bank's website, the unclaimed deposit reference number, or UDRN, and the deposit's location are provided. When the user clicks on the name of the bank, a respective claim instruction page is opened on the bank's webpage for the user. To preserve privacy and for ease of claims, the CBS of the bank assigns an exclusive UDRN to each unclaimed account.

Claims Process and Role of UDGAM

Although UDGAM presents an easy platform to trace unclaimed deposits, the settlement of claims is not done through the portal. Instead, it keeps on directing users to various procedures for submitting claims, which varies from bank to bank. The depositor will have to reach out to the relevant bank, in which the money is deposited, in order to settle the claim. UDGAM aggregates the information thus allowing easy search from one place, but after searching, the banking system deals with claims and subsequent settlements.

UDGAM portal is an effective and easier way to track all the unclaimed deposits held with banks, and locating such funds will be much simpler for individuals and entities. Thus, this RBI initiative goes a long way towards bringing back the assets with depositors while also raising the general financial awareness of the existing dormant accounts and the amount of unclaimed deposits.