The UDGAM portal aims to solve the problem of forgotten money in banks. People can use it to find information about their unclaimed deposits from seven banks currently part of the portal.
The Reserve Bank of India (RBI) has introduced a centralized web portal named UDGAM (Unclaimed Deposits – Gateway to Access Information) to enable bank customers to easily discover any unclaimed deposits they might have. Here’s a step-by-step guide to registering on UDGAM and checking the status of your unclaimed deposits.
RBI first revealed its intention to set up a centralized online platform for unclaimed deposits on April 6, 2023, in a statement in the context of the developmental and regulatory policies.
The link to login on the RBI UDGAM Portal.
Users will initially have access to information about unclaimed deposits pertaining to seven banks, of which six are currently operational. These banks include SBI, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, and DBS Bank India. Citibank is also available on the portal for non-individual entities.
While informing about the portal on Thursday, RBI stated that it aims to streamline the process of searching for unclaimed deposits across multiple banks in one place. Initially, seven banks are part of the portal, while others will be added gradually by October 15, 2023.
How To Log Into UDGAM And Check Status
For UDGAM, individuals must complete a registration process involving their mobile number, name, and chosen password. Subsequently, users can access the portal by logging in with their registered mobile number and password. A verification One-Time Password (OTP) is dispatched to the registered mobile number. After successful login, users are prompted to provide the account holder's and bank's names. They then can select from five identification inputs: PAN number, Voter ID number, driving license number, or date of birth. Following this, users can input the relevant information and designate the desired bank for their search.
Multiple bank accounts can be chosen through the portal. In cases where the search criteria align with unclaimed deposits, the portal will exhibit the corresponding account particulars. Should there be no unclaimed deposits matching the criteria, the outcome will be indicated as "none."
According to experts, the UDGAM portal is a big step toward improving banking. It helps people find money that they forget about in different banks. The RBI made this to ensure people can easily get their money back, which is important. It also helps more people understand and use banks and money smartly.
At present, if you have money in different banks that you forgot about, you need to check each bank's website separately to get it back. This new website will make it easy to find all your forgotten money from different banks in one place.
A deposit is called unclaimed when there's been no activity on it for ten years or more. When this happens, the banks send the money to a special fund managed by the RBI, called the "Depositor Education and Awareness" (DEA) Fund. But don't worry, even though the money is moved, you can still get it back with any interest it earned from the bank(s) where you had the deposit if you claim it later on.
As per the RBI, the increase in unclaimed deposits happens mostly because people don't close their savings or current accounts they no longer want to use. It also occurs when people forget to ask for their money back from banks when their fixed deposits are made. Another situation is when someone passes away and the people who are supposed to get the money, like family or heirs, don't ask for it from the bank(s).