The UDGAM platform tries to address the issue of lost money in banks. People may utilize it to find out about unclaimed deposits from the seven banks that are now part of the site.
The Reserve Bank of India (RBI) has launched UDGAM (Unclaimed Deposits – Gateway to Access Information), a centralized web service that allows bank clients to readily find any unclaimed deposits they may have. Here’s how you register on UDGAM and monitor the status of your unclaimed deposits.
On April 6, 2023, the RBI announced its plan to establish a centralized online platform for unclaimed deposits in a statement related to developmental and regulatory policies.
Users will first have access to data on unclaimed deposits from seven institutions, six of which are now functioning. SBI, Punjab National Bank, Dhanlaxmi Bank, Central Bank of India, South Indian Bank, and DBS Bank India are among these institutions. Citibank is now available for non-individual entities through the Internet.
The RBI noted on Thursday that the platform intends to ease the process of searching for unclaimed deposits across numerous banks in one location. The site will initially include seven banks, with more to be added progressively until October 15, 2023.
How to Access UDGAM and Check Status
Individuals must first register for UDGAM by providing their cellphone number, name, and password. Users can then access the portal by entering their registered cellphone number and password. A confirmation A One-Time Password (OTP) is sent to the registered mobile phone number. After logging in successfully, customers are required to provide the account holder’s and bank’s names. They can next choose one of five identifying inputs: PAN, Voter ID, driving licence number, or date of birth. Following that, consumers may provide the necessary information and select the preferred bank for their search.
The gateway allows you to select several bank accounts. In circumstances when the search parameters match unclaimed deposits, the site will display the account details. If there are no unclaimed deposits that meet the requirements, the result will be “none.”
The UDGAM platform, according to experts, is a significant step towards better banking. It assists customers in locating money that they have forgotten about in several banks. This was done by the RBI to guarantee that consumers may quickly get their money back, which is critical. It also assists more individuals in understanding and using banks and money wisely.
At the moment, if you have money in many banks that you have forgotten about, you must check each bank’s website separately to recover it. This new service will make it simple to locate all of your misplaced funds from several institutions in one location.
When there has been no movement on a deposit for 10 years or longer, it is considered unclaimed. When this occurs, banks transfer the funds to a special fund controlled by the RBI known as the “Depositor Education and Awareness” (DEA) Fund. But don’t panic, even if the money has been moved, you may still collect it later with any interest earned from the bank(s) where you held the deposit.
According to the RBI, the rise in unclaimed deposits is primarily due to consumers failing to liquidate old savings or current accounts. It also happens when consumers fail to request their money back from banks after making fixed deposits. Another scenario is when someone dies and the persons who are expected to get the money, such as relatives or heirs, do not request it from the bank(s).
