Many of us tend to forget about old bank accounts, especially when they remain dormant for years, resulting in unclaimed deposits. To help people recover such money, the Reserve bank of india (RBI) has introduced a new initiative, the UDGAM Portal. This platform is designed to help individuals track and reclaim their forgotten bank deposits easily.

What is the UDGAM Portal?

UDGAM, which stands for Unclaimed Deposits Gateway to Access Money, is an online platform launched by the RBI to assist people in finding and claiming their unclaimed bank deposits. The portal provides a user-friendly interface where you can search for unclaimed money in forgotten or inactive accounts from over 30 participating banks.

Why Do Deposits Go Unclaimed?

There are several reasons why deposits may remain unclaimed:

1. Dormant or Inactive Accounts: When a bank account remains inactive for an extended period (typically 1-3 years), it may be classified as dormant, and the funds in such accounts may not be accessible easily.

2. Old Accounts: Many individuals open bank accounts and forget about them, especially when they change addresses, jobs, or relocate to a different region.

3. Deceased Account Holders: Funds in the accounts of deceased individuals may not be claimed promptly, especially if there are no legal heirs or the required documents are missing.

4. Unclaimed Fixed Deposits: people sometimes forget about fixed deposit receipts or bonds, and as a result, the interest or principal amount remains unclaimed.

How to Find and Claim Forgotten Deposits on the UDGAM Portal

Here’s a step-by-step guide to help you search for and reclaim your unclaimed deposits using the UDGAM Portal:

1. Visit the UDGAM Portal

Go to the official RBI UDGAM Portal at https://udgam.rbi.org.in.

2. Select the Bank

· Once on the portal, you will find a list of participating banks that allow access to unclaimed deposits. Select the bank where you suspect you may have an unclaimed deposit.

3. Provide Required Details

· You'll need to enter basic details to search for your unclaimed money, including:

o Account Number (if you remember it)

o Branch Name

o Account Holder’s Name

4. search for Unclaimed Deposits

· After entering the required information, click on Search. The system will search for any unclaimed deposits under the given account details.

5. view the Results

· If there are any unclaimed deposits linked to your details, they will appear in the results. You’ll get information on the amount and the status of the deposit.

6. Submit a Claim

· Once you find your unclaimed deposit, you can submit a claim request. This typically involves:

o Providing proof of identity (such as aadhar card, PAN card, or passport).

o Providing proof of address.

o Submission of the claim form as directed on the portal.

7. bank Verification and Claim Processing

· After submitting your claim, the bank will verify your details. Once verified, you will be informed about the disbursement process and the amount that can be transferred to your linked account.

What Types of Deposits Can Be Claimed?

The UDGAM portal is primarily focused on unclaimed deposits in:

· Savings Accounts

· Fixed Deposits

· Current Accounts

· Term Deposits

· Unclaimed Interest or Dividends

Benefits of Using the UDGAM Portal

1. Simplified Process: The UDGAM portal makes it easier for individuals to find and claim unclaimed deposits without needing to visit multiple banks or deal with paperwork.

2. Transparency: By using the portal, you can track the status of your unclaimed deposits, ensuring transparency in the process.

3. Nationwide Access: With the UDGAM portal, you can access information from banks across the country, ensuring that you don’t miss out on any funds you may be entitled to.

4. Free of Cost: The process of searching and claiming unclaimed deposits is completely free, and no intermediary or agent is needed.

Important Points to Remember

· Only Participating Banks: Currently, only banks that are part of the UDGAM system are included. Not all banks may have their deposits listed, so if you don’t find your bank, it may not be a part of the initiative yet.

· Claim Deadline: It’s important to note that deposits can remain unclaimed for up to 10 years before being considered escheated or transferred to the RBI’s central fund. However, it’s always a good idea to claim your funds sooner rather than later.

· Bank’s Role in Verification: The bank will verify all the documents you submit, and the process can take a few weeks. Make sure all the provided documents are accurate to avoid delays.

Final Thoughts

The UDGAM Portal is a significant step in helping individuals recover forgotten money and unclaimed deposits. With the RBI’s initiative, you no longer need to worry about the difficulty of tracing forgotten accounts. Simply visit the portal, follow the steps, and you could be on your way to recovering lost funds.

This initiative is a game-changer for anyone who suspects they have unclaimed money lying idle in forgotten accounts. Don’t wait, explore the portal today and see if you have unclaimed deposits waiting for you!

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.