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.

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.

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.

"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.