RBI Udgam portal: These 5 simple steps can help you find out if your grandparents left unclaimed bank deposits

The Reserve Bank of India announced the launch of a centralised web portal, UDGAM (Unclaimed Deposits – Gateway to access Information), marking a significant step towards addressing the issue of unclaimed deposits with banks. The RBI has developed a web portal to facilitate the public to easily locate their unclaimed deposits across multiple banks in one place. 

With the integration of UDGAM, the RBI takes a big leap forward in financial inclusivity, using digital advances to deliver banking services to its customers efficiently. This centralised web portal ensures that every penny lying unclaimed with the banks reaches its rightful owner. 

The RBI had announced the development of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 6. Given the increase in unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits. 

Sanchit Garg, CEO & Co-Founder GLC Wealth, said, "UDGAM portal launched by the RBI has provided a streamlined and easy-to-use platform for accountholders and general public to search for their old accounts lying inactive/dormant for many years and which were transferred to the Depositor Education and Awareness Fund (DEAF) of the RBI. This is a follow up to the “100 days 100 pays” campaign launched earlier in May whereby banks were directed to find out top 100 unclaimed account holders in their respective districts and assist them in reclaiming such amounts."

Launching the web portal will aid users in identifying their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks. Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal. 

Users could access the details of their unclaimed deposits concerning seven banks presently available on the portal. These banks are Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South Indian Bank Limited and State Bank of India. The search facility for remaining banks on the portal will be made available in a phased manner by October 15, 2023. 

Step 1: Visit the website udgam.rbi.org.in. Click on register using your mobile number. "Anyone can log in on the portal with their phone number and search for details of their unclaimed accounts with their name and any of the ID proofs such as PAN, Voter ID, Date of birth, etc.," said Garg. 

Step 2: You need to register yourself using your mobile number. Enter your name, create a password, enter a captcha and click on next. 

Step 3: Enter One Time Password (OTP) received on your mobile number, and that is it. You will be redirected to the login page. 

Step 4: Enter your registered mobile number and password to log in to the portal. Once you enter details, you must again enter OTP to proceed further. 

 

Step 5: Now search for unclaimed deposits by entering the account holder's name. Ensure you have the PAN, Voter ID, Driving License Number, Passport Number or the date of birth of the account holder. You can also add an Address in the additional search criteria. Once you enter the details correctly, you can check the unclaimed deposit. 

"It will go a long way in assisting people who have opened multiple accounts over many years and have lost track of them or are unaware of thousands of crores of funds lying in them," said Garg.

UDGAM is not merely an innovation in e-banking services; it contributes to building a transparent financial ecosystem. Acting as a reliable medium for depositors to find their unclaimed deposits minimises the risk of disregarded financial assets and solidifies trust in the banking system. Such initiatives reflect the RBI's determination to meet user needs while continually improving and modernising India's banking sector. 

Also read: How can I regain my deceased father’s unclaimed money that has been lying in a savings bank account for 10 years?