UDGAM – Unclaimed Deposits Gateway to Access Information
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- This portal has been developed by RBI for use by members of the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks in one place.
- The establishment of the web portal would make it easier for consumers to locate their unclaimed deposits and accounts, giving them the option to either make their deposit accounts active or collect the deposit amount.
- Users will have access to information about their unclaimed deposits for the seven banks already included on the portal thanks to UDGAM.
- Any deposits in a savings, current, or fixed deposit are categorized as “Unclaimed Deposits” if they haven’t been used for 10 years. Unclaimed deposits are defined as “balances in savings/current accounts that are not operated for 10 years. term deposits that are not claimed within 10 years of the maturity date. Bank’s transfer these funds to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund.
- Bank depositors have the right to reclaim unclaimed funds from the bank where they were held, including any accrued interest, even after the funds are transferred to the DEA.
- The RBI observed that despite efforts to increase public awareness in a statement from July 2022 that the number of unclaimed deposits was rising. However, despite periodic public awareness initiatives by banks and the RBI, the number of Unclaimed deposits is showing a growing trend.
- List of banks available on centralised web portal for unclaimed deposits
1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd.
7. Citibank
The search feature for the remaining banks on the portal would be rolled in by October 15, 2023.