RBI Udgam portal: These 5 simple steps can help you find out if your grandparents left unclaimed bank deposits
Posted By: Shweta Khandal
Posted On: August 18, 2023
The Reserve Bank of India (RBI) has introduced a new website called UDGAM (Unclaimed Deposits – Gateway to access Information). This website aims to help people find their unclaimed money in banks.
With UDGAM, the RBI is making it easier for people to locate their forgotten deposits from various banks all in one place.
This step by the RBI is a big move towards making banking services more accessible through digital tools. The UDGAM website ensures that money that hasn’t been claimed by the rightful owners gets back to them.
The RBI had announced its plan to create this web portal for finding unclaimed deposits in an official statement on April 6.
Due to the increasing amount of unclaimed deposits, the RBI has been making efforts to raise awareness among the public about this issue.
They’ve been encouraging people to connect with their banks to claim their unclaimed money.
Sanchit Garg, CEO & Co-Founder of GLC Wealth, mentioned that the UDGAM portal is a user-friendly platform. It helps people locate their old accounts that have been inactive or forgotten for years and have been transferred to the RBI’s Depositor Education and Awareness Fund (DEAF).
This initiative follows a campaign called “100 days 100 pays,” where banks were asked to find and assist the top 100 holders of unclaimed accounts.
Using the UDGAM website, users can find their unclaimed deposits or accounts and either claim the money or reactivate their accounts.
The Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have worked together to create this portal.
Currently, users can access information about unclaimed deposits from seven banks on the portal. These banks include Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South Indian Bank Limited, and State Bank of India. More banks will be added to the portal by October 15, 2023.
Here’s how to use the UDGAM portal:
1. Visit udgam.rbi.org.in and click on “Register” using your mobile number. You can log in using your phone number and search for unclaimed accounts by entering the account holder’s name and any valid ID proof such as PAN, Voter ID, Date of Birth, etc.
2. Register with your mobile number. Provide your name, create a password, complete a captcha, and click “Next.”
3. Enter the One Time Password (OTP) received on your mobile, and you’ll be redirected to the login page.
4. Log in with your registered mobile number and password. You’ll need to enter another OTP to continue.
5. Search for unclaimed deposits by entering the account holder’s name. Make sure you have the PAN, Voter ID, Driver’s License Number, Passport Number, or date of birth of the account holder. You can also add an address for additional search criteria. Once you enter the correct details, you can see the unclaimed deposit.
Sanchit Garg mentioned that this portal will greatly help people who have lost track of multiple accounts over the years and are unaware of substantial funds lying in them.
UDGAM isn’t just a technological innovation in banking; it also contributes to a more transparent financial system.
It helps depositors find their forgotten deposits, reducing the risk of lost financial assets and strengthening trust in the banking system.
Initiatives like UDGAM show the RBI’s commitment to meeting user needs while modernizing India’s banking sector.
Stay connected with Trending Update News for trending news.