How To Track Unclaimed Money In Bank On RBI's UDGAM Portal?

UDGAM, which stands for Unclaimed Deposits Gateway to Access Information, is an initiative of the Reserve Bank of India (RBI) launched on August 17, 2023, to help individuals locate and claim deposits that have remained unclaimed for over 10 years. The UDGAM portal is a flagship initiative by the RBI in collaboration with multiple financial technology institutions. The portal acts as a gateway for unclaimed deposits to access information. These unclaimed funds are typically transferred to the RBI’s Depositor Education and Awareness Fund (DEA Fund) if not accessed within this timeframe.

Portal Objectives

Help depositors easily locate unclaimed funds
Improve access to financial information
Reunite rightful owners with their forgotten deposits

Qualification for Unclaimed Status

Time Threshold: 10 years of inactivity
Account Types Covered: Savings Accounts, Current Accounts, and Term/Fixed Deposits

Reasons for Unclaimed Deposits

1. Lack of Awareness

Forgetting about multiple bank accounts
Sudden wealth accumulation
Overlooking old investment certificates

2. Death of Account Holder

Primary reason for unclaimed funds
Relatives are often unaware of account existence

3. Nomination Issues

Incomplete or outdated nominee information
Nominees unaware of their status

RBI’s Strategic Goals

Increase financial transparency
Protect depositors’ interests
Ensure rightful fund distribution
Mandate nominee details for new accounts

Steps to Reclaim Unclaimed Money Using UDGAM

Visit the official UDGAM Portal searching for “UDGAM portal” or directly accessing it via its URL at https://udgam.rbi.org.in/
Register on the portal by entering your personal details, such as name, date of birth, PAN (Permanent Account Number), mobile number, Aadhaar number, and email address. You will also need to set a password and verify your registration through an OTP sent to your mobile.
After registration, log in using your registered mobile number and password.
Now search for unclaimed funds using the search function on the dashboard. Enter your details, such as name, PAN, or Aadhaar number. You can also select specific banks if you know them.
The portal will display a list of unclaimed deposits associated with your details, including information about the bank and the amount.
Choose the relevant bank from the list to proceed with the claim process. This will redirect you to that bank’s website.
On the bank’s website, locate the section for claiming unclaimed funds or dormant accounts. Follow their specific instructions to initiate your claim.
Provide necessary documentation or submit documents such as identity proof, address proof, and any relevant account information to substantiate your claim.
Contact the bank (if required) or reach out directly to the bank for assistance with your claim process.

Conclusion

The UDGAM portal simplifies the process of locating and reclaiming unclaimed deposits by providing a centralized platform for users to search across multiple banks. The portal is designed to identify and gather information about the depositor whose money was left untouched in bank accounts without any transaction or claim in the past 10 years. By following these steps, individuals can efficiently retrieve funds that may have been forgotten over time, promoting greater financial awareness and inclusivity in managing personal finances.

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