Do you know that thousands of crores are lying unclaimed in Indian banks? Many people are unaware that they may have inherited money or forgotten deposits sitting idle in accounts. According to the Reserve Bank of India (RBI), as of March 2024, Rs 78,213 crore is unclaimed in banks, waiting for rightful claimants. These funds include fixed deposits (FDs) and savings accounts that have seen no transactions for over a decade.
But how can you check if you or your relatives have any such unclaimed money? The RBI has simplified this process with its UDGAM portal. Here’s a step-by-step guide to help you find and claim unclaimed deposits.
What Is an Unclaimed Deposit?
Banks review inactive accounts annually to identify unclaimed deposits. If no deposits or withdrawals have occurred in an account for 10 years, it’s classified as an unclaimed deposit. Banks hold these funds in their records and try to find the owners. If no one comes forward, these amounts are transferred to the Depositor Education and Awareness (DEA) Fund managed by the RBI.
How to Use RBI’s UDGAM Portal to Find Unclaimed Deposits
The RBI launched the UDGAM (Unclaimed Deposits Gateway to Access Information) portal to make it easier for people to find unclaimed deposits. Here’s how you can register and check if you or your family members have any unclaimed funds.
1. Registering on the UDGAM Portal
- Visit the UDGAM portal: udgam.rbi.org.in.
- Click on the unclaimed amount section and begin the registration process.
- Enter your mobile number and full name.
- Create a password, fill in the captcha code, and tick the checkbox to agree to terms.
- Click on “Next” and verify your registration using the OTP sent to your mobile.
2. How to Check for Unclaimed Deposits
Once registered, you can search for unclaimed deposits by following these steps:
- Go to https://udgam.rbi.org.in/unclaimed-deposits/#/login.
- Log in using your mobile number, password, and captcha code.
- You will receive another OTP on your registered mobile number for verification.
- After logging in, enter the account holder’s name and select the relevant bank.
- Provide identification details such as PAN, Voter ID, Driving License, or Passport Number.
- Click on the search button. If any unclaimed funds are found, they will be displayed.
3. Claiming Unclaimed Funds
If the UDGAM portal shows that there are unclaimed funds linked to your family or household, you can claim them by contacting the respective bank. The bank will guide you through the claim process, which may involve providing identification, proof of ownership, and filling out necessary forms.
Banks Involved in UDGAM Portal
As of March 2024, around 30 banks are part of the UDGAM portal, covering 90% of the unclaimed deposits in India. If you think any of your relatives may have left unclaimed funds, it’s worth checking the portal regularly.
The UDGAM portal offers a straightforward way to reclaim money that may have been forgotten over the years. Be sure to check for any unclaimed deposits that might belong to you or your family members, and take steps to claim them before they continue to sit idle.
