RBI launches UDGAM portal to make searching for unclaimed bank deposits easier
The Reserve Bank of India (RBI) has been dealing with the growing volume of unclaimed deposits in the last few years. For the unaware, unclaimed deposits are balances in the savings or current accounts that have not been accessed in 10 years, or term deposits that have not been claimed within 10 years from the date of maturity, according to RBI. The unclaimed funds are moved to the “Depositor Education and Awareness” (DEA) Fund, although they can still be claimed by the depositor.
To make this process easier for customers, the RBI in April announced plans for the development of a ‘Centralised Web portal for the Public to Search Unclaimed Deposits', and now the portal has been launched.
RBI on August 17 announced the launch of the Unclaimed Deposits – Gateway to Access inforMation (UDGAM) portal as a one-stop-shop to facilitate and make it easier for the public to search for their unclaimed deposits across various banks. Although banks at present display the list of unclaimed deposits on their respective websites, the new UDGAM portal would allow customers to search for their deposits in multiple banks from one place. Even though RBI has launched various public awareness campaigns from time to time to minimize unclaimed deposits for newer accounts, the trend is still increasing.
Read more: RBI launches UDGAM portal: You can get unclaimed bank deposits with ease now
RBI in a press release said, “The launch of the web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.”
At present, seven banks are on board and can be searched for any unclaimed deposits on the UDGAM portal. The banks are:
1. State
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