How to Find and Claim Unclaimed Deposits: RBI’s UDGAM Portal Explained

Last updated: March 6, 2024, 4:44 PM

By MintGenie Team

Do you know you might have money lying around in old bank accounts you’ve forgotten about? The Reserve Bank of India (RBI) has a solution for this – the UDGAM portal. It’s designed to help you identify and claim any deposits that haven’t been touched in 10 years or more. Here’s what you need to know:

What is UDGAM?

UDGAM stands for Unclaimed Deposits Gateway To Access Information, a tool by the RBI to track down unclaimed deposits. If a deposit account like a savings or fixed deposit hasn’t been used for over 10 years, the money gets transferred to the RBI’s Depositor Education and Awareness (DEA) Fund. UDGAM helps you find and claim these funds.

Key Facts:

Number of Banks in UDGAM: As of March 4, 2024, 30 banks are enrolled in UDGAM, covering about 90% of all unclaimed deposits.
Can UDGAM Settle Claims?: No, UDGAM only helps you find unclaimed deposits. You’ll need to claim the money directly from the bank.
What You Need to Search: To search for unclaimed deposits, you’ll need the account holder’s name, bank name, and an identifier like PAN, driving license, voter ID, passport number, or date of birth.
Unclaimed Deposit Reference Number (UDRN): This is a unique code assigned to each unclaimed account to maintain privacy. Only the account holder or the bank branch can use it to identify the account.

Deposits Covered by UDGAM:

Savings accounts
Fixed deposits (FDs)
Recurring deposits (RDs)
Current deposits
Other types of deposits
Cash credit accounts

When is Money Transferred to the DEA Fund?

Banks move funds to the DEA Fund on the last working day of the month following 10 years of inactivity.

Does the Transfer Include Interest?

Yes. When funds are transferred to the DEA Fund, any accrued interest is also included, ensuring you receive the full amount you’re owed.

How to Claim Your Unclaimed Deposits:

Visit UDGAM: Go to the UDGAM portal provided by the RBI.
Search for Unclaimed Deposits: Enter your search criteria, including your name, bank, and an identifier (PAN, voter ID, etc.).
Find Your UDRN: If you have unclaimed deposits, you’ll receive a UDRN.
Contact the Bank: Reach out to the bank with your UDRN to start the claims process.

The RBI’s initiative, through the UDGAM portal, makes it easier for individuals to track and reclaim deposits that have gone unclaimed for a decade. Whether it’s a forgotten savings account, FD, or any other deposit, UDGAM streamlines the process to ensure that no money is left behind. So, take a moment to check—you might just find some unexpected funds waiting for you.

Step-by-Step Guide to Using the UDGAM Portal

Step 1: Access the Portal

First, visit the official UDGAM portal. This platform is user-friendly and designed to assist you in finding any unclaimed deposits you might have in various banks.

Step 2: Search for Deposits

To search for any unclaimed deposits, you’ll need to provide specific information to ensure the accuracy of your search. The required details include:

The account holder’s name
The name of the bank where the account was held
At least one form of identification such as PAN, driving license, voter ID, passport number, or the account holder’s date of birth

Step 3: Utilize the UDRN

If your search is successful, you’ll be provided with a Unique Deposit Reference Number (UDRN). This number is critical for the next steps as it uniquely identifies your unclaimed deposits without revealing personal information to unauthorized parties.

Step 4: Claiming Your Deposits

Armed with your UDRN, the final step is to approach the respective bank to claim your deposit. It’s important to note that the UDGAM portal does not process claims directly. Instead, it serves as a gateway to discover unclaimed funds, ensuring you’re well-equipped with information when reaching out to the bank.

Why does UDGAM exist?

UDGAM aims to solve the problem of unclaimed deposits lying dormant in banks. By making this process transparent and accessible, it supports depositors in reclaiming their rightful funds, thereby enhancing financial awareness and education.

Are there any fees involved?

Accessing and searching the UDGAM portal is free of charge. The RBI’s intention is to provide a public service that enhances financial inclusivity without any barriers.

How long does the claim process take?

The duration of the claim process can vary from one bank to another. However, armed with your UDRN and the necessary identification, the process is generally streamlined. It’s advisable to contact your bank directly for detailed information about their specific process.

Can I claim deposits for a relative or friend?

Yes, but you will need to provide the necessary legal documentation that proves your right to act on behalf of the account holder. This could include documents like a power of attorney or, in cases of deceased account holders, a death certificate and legal heir certificate.

What happens if I can’t find my deposit on UDGAM?

If you’re unable to find your deposit on UDGAM, it might be because your bank isn’t part of the 30 banks currently enrolled in the program or because the details provided were incorrect. Double-check your information and try again. If your bank is not part of the program, contact them directly for assistance regarding unclaimed deposits.

Conclusion

The UDGAM portal represents a significant step forward in addressing the issue of unclaimed deposits in India. By simplifying the discovery and claiming process, it ensures that more people are aware of and can easily reclaim funds that rightfully belong to them. This initiative not only helps in financial recovery for many but also raises awareness about the importance of regular account monitoring and engagement. Take the time to explore the UDGAM portal – a small effort could reveal unexpected financial resources waiting to be claimed.