Kruti Dave, Pune
On Aug. 17, the Reserve Bank of India (RBI) introduced the Unclaimed Deposits – Gateway to Access Information (UDGAM) Centralised Web Portal. In order to enable and make it simpler for the general public to search their unclaimed deposits across several banks in one location, RBI has built this portal for their usage.
The websites of the banks post a list of unclaimed deposits. The RBI has decided to develop an online platform enabling depositors and beneficiaries to search across different banks for likely unclaimed deposits based on user inputs to enhance and expand depositors’ and beneficiaries’ access to such data.
UDGAM PORTAL LINK: Click here to access ‘UDGAM’ portal
The goal of the UDGAM portal
The portal was created in collaboration with the collaborating banks, Indian Financial Technology & Allied Services (IFTAS) and Reserve Bank Information Technology Pvt Ltd (ReBIT). Users can get information about their unclaimed deposits for seven institutions via the web. The State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank are some of these financial institutions.
The Reserve Bank of India announced the construction of a centralised web service for looking up unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 6, 2023.
According to the RBI, the remaining banks’ site search functionality will gradually become available starting on October 15, 2023.
Unclaimed deposits: What are they?
“Unclaimed Deposits” are money in savings or current accounts that have not been accessed in 10 years and funds in term deposits that have not been reimbursed within ten years of the maturity date.