Get Honorary PhD

UDGAM Portal: RBI launches portal to find out unclaimed deposits lying in banks, will get this benefit

Pankaj Prasad
Reserve Bank of India
Reserve Bank of India

The Reserve Bank of India on Thursday launched a centralized web portal named UDGAM (Unclaimed Deposits - Gateway to Access Information) to search for unclaimed deposits.

The Reserve Bank of India (RBI) on Thursday (August 17, 2023) launched a centralized web portal named UDGAM (Unclaimed Deposits - Gateway to Access Information) to search for unclaimed deposits. RBI has launched this platform to make it easier for consumers to search for unclaimed deposits across multiple banks at one place.

According to the release issued by RBI, banks publish the list of unclaimed deposits on their websites. In order to improve and widen access to this data for depositors and beneficiaries, RBI has decided to create an online platform. It will enable the user to search for potential unclaimed deposits lying in various banks based on inputs. As part of the Statement on Developmental and Regulatory Policies released on April 6, 2023, the Reserve Bank of India had announced the creation of a centralized web facility for tracking unclaimed deposits.

Purpose of UDGAM Portal

With the introduction of the web portal, customers will be able to easily trace their unused deposits and accounts. Using this they can either activate their deposit accounts in their individual banks or collect unused deposit amount. According to a press release issued by RBI, the platform was built in partnership with the participating institutions, Reserve Bank of Information Technology Private Limited (REBIT) and Indian Institute of Financial Technology and Allied Services (IFTAS). At present, customers will be able to view information about their unclaimed deposits with seven banks listed on the portal.

LIST OF BANKS AVAILABLE ON THE CENTRALIZED WEB PORTAL

State Bank of India
Punjab National Bank
Central Bank of India
Dhanlaxmi Bank Limited
South Indian Bank Limited
DBS Bank India Limited
City Bank

The search facility for the remaining banks on the portal will be launched by October 15, 2023.

What is Unclaimed Deposit?

"Unclaimed Deposits" are money lying in savings or current accounts that have not been used for 10 years or in fixed deposits that have not been paid for 10 years from the date of maturity.