The Reserve Bank of India (RBI) launched the UDGAM platform in August 2023 to help individuals track and access their unclaimed bank deposits. Here’s how you can use the platform to locate your unclaimed funds.
Key Features of UDGAM:
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- Access to Unclaimed Deposits: The platform allows individuals to track unclaimed deposits held by banks across India.
- Search Criteria: To track your unclaimed deposit, you need details such as:
- Account holder’s name
- Bank name
- Unclaimed deposit reference number (UDRN)
- Location
- Claim Process: Deposits can only be claimed directly through the respective bank, not via the UDGAM portal.
Unclaimed Deposits: What Are They?
- Definition: An unclaimed deposit refers to funds that have not been accessed or claimed by the account holder for a long period.
- Stages of Inactivity:
- Initial Inactivity: Savings and current accounts become dormant after 2 years of inactivity. Recurring and term deposits become inoperative if unclaimed within 2 years of maturity.
- Transfer to DEAF: If these accounts remain dormant for 10 years (2 years inactive + 8 years inoperative), the funds are transferred to the Depositors’ Education and Awareness (DEA).
- Total Value: As of March 2024, the total value of unclaimed deposits in India stands at ₹78,213 crore. This is a 26% increase from previous year. Interest rate is 3% per annum.
- Banks send unclaimed deposits to the DEA Fund when an account has been inactive for at least 10 years, or when a term deposit is not claimed within 10 years of its maturity date.
UDGAM Portal: Key Details
- Purpose: To help individuals access information about unclaimed deposits across 30 banks, which cover about 90% of unclaimed deposits by value.
- Interest: Funds in DEAF earn simple interest at a rate of 3% per annum.
How to Register on the UDGAM Portal:
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- Visit the UDGAM Website: Access the portal online.
- Enter Your Mobile Number & Name: Provide your personal details.
- Set a Password: Create a password and enter the captcha code.
- Agree to Terms: Accept the RBI’s disclaimer and usage policy.
- Verify via OTP: Enter the OTP sent to your registered mobile number to complete registration.
Information You’ll Need for Searching Unclaimed Deposits:
- For Individual Accounts:
- Account holder’s name
- Bank name
- Choose from at least one of these IDs:
- PAN
- Voter ID
- Passport number
- Date of birth
- Driving licence number
- For Non-Individual Accounts (HUF, companies, LLPs, etc.):
- Entity’s name
- Bank name
- Choose from at least one of these details:
- Authorised signatory name
- PAN
- Corporate Identification Number (CIN)
- Date of incorporation
- Alternative: If you don’t have these details, you can search using the entity’s address.
How to Check for Unclaimed Deposits:
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- Visit the UDGAM Website: Go to the portal.
- Log In: Enter your registered mobile number, password, captcha code, and OTP.
- Enter Account Details: Input the account holder’s name as per bank records.
- Select Banks: Choose one or multiple banks, or search across all participating banks.
- Provide ID Proof: Enter at least one ID (e.g., PAN, passport, driving license).
- Search: Click ‘search’ to view results for unclaimed deposit accounts.
Understanding UDGAM Search Results:
- Displayed Information:
- Account Holder’s Name
- Bank Name: Hyperlinked to the bank’s website for claim instructions.
- Unclaimed Deposit Reference Number (UDRN): A unique identifier for each unclaimed deposit.
- Location: Clicking on the location will provide more details.
- UDRN: This reference number is used for the seamless settlement of claims, ensuring confidentiality.
Limitations of UDGAM:
- Not for Direct Claims: The UDGAM portal helps you locate unclaimed deposits but cannot process claims.
- Claim Process: To claim the deposit, you will need to approach the respective bank directly, where you can follow their specific claim process.