The Reserve Bank of India (RBI) on Thursday launched a Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation) for people to locate their unclaimed deposits across multiple banks on a single platform. The central bank said that the web portal will aid users to identify their unclaimed deposits/accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks. 


The portal has been developed in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks, the RBI said in a release. 


The Reserve Bank of India announced the development of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 06, 2023. Given the increasing trend in the number of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging the public to identify and approach their respective banks for claiming unclaimed deposits.


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How To Check If You Have Unclaimed Deposits 


To check whether or not you have some unclaimed deposit lying in a bank out, will need to register on UDGAM (Unclaimed Deposits – Gateway to Access inforMation). For that, you will need to require your Phone number and a Password. 


After registering, access the portal by logging in using your phone number and a password. Enter the account holder's name along with one of the five requested search criteria. The portal will then display whether you have an unclaimed deposit or not.


At present, people can access information about their unclaimed deposits for seven banks via the portal. These banks include 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 N.A. The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.


It is important to note that according to RBI, "Unclaimed Deposits" refers to funds held in savings or current accounts that have remained inactive for a duration of 10 years, or in the case of fixed deposits (FDs), have not been withdrawn within 10 years from the maturity date.