RBI's UDGAM Portal for Reclaiming Unclaimed Deposits
In a country as financially diverse as India, where savings and investments are a way of life, it's not uncommon for accounts to go dormant or deposits to be forgotten. In fact, India houses an astounding sum of over ₹30,000 crores in unclaimed bank deposits. This alarming figure sheds light on a crucial financial issue: the abundance of inactive savings and current accounts. When an account remains inoperative for a decade, its balance is reclassified as an unclaimed deposit.
This unclaimed phenomenon isn't limited to accounts alone; even Fixed Deposits (FDs) and Recurring Deposits (RDs) can meet a similar fate if left unattended for ten years after maturity. The result? These unclaimed assets are eventually transferred by banks to the "Depositor Education and Awareness" (DEA) Fund, a reserve managed by the Reserve Bank of India (RBI).
To tackle this pervasive challenge head-on, the RBI has unveiled an innovative solution – the UDGAM portal. This centralized web portal has been meticulously crafted to serve as a one-stop destination for locating your unclaimed deposits. It’s a lifeline for account holders who might have forgotten about their financial footprints across multiple banks.
Link to Register on the Portal 👇🏻: https://udgam.rbi.org.in/unclaimed-deposits/#/login
UDGAM's functionalities are set to roll out in phases. Initially, users can access information about their unclaimed deposits from seven prominent banks. These banks are:
State Bank of India
Punjab National Bank
Central Bank of India
Dhanlaxmi Bank Ltd
South Indian Bank Ltd
DBS Bank India Ltd
Citibank
The UDGAM portal serves as a guiding light for individuals seeking to regain access to their dormant financial resources. Whether you wish to reclaim the deposit amount or reactivate your dormant accounts, UDGAM is your trusted companion on this journey.
FAQs About UDGAM and Unclaimed Deposits
1. What is UDGAM? UDGAM is the Reserve Bank of India's centralized web portal designed to help individuals search for and reclaim their unclaimed deposits from various banks.
2. How do I use UDGAM? Using UDGAM is simple. Visit the portal, select your bank, provide the necessary details, and let the portal work its magic to uncover your unclaimed deposits.
3. Why do banks transfer unclaimed deposits to the DEA Fund? Banks transfer unclaimed deposits to the "Depositor Education and Awareness" Fund to ensure that the rightful owners have a chance to reclaim their funds and promote financial literacy.
4. Is the UDGAM portal secure? Yes, the UDGAM portal prioritizes security and data privacy, ensuring that your personal information remains protected throughout the process.
5. What if my bank isn't listed on the UDGAM portal?
While UDGAM initially covers seven banks, the portal's reach is expanding. More banks will be added in the future, so stay tuned for updates.
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