UDGAM Portal: A One-Stop Shop for Unclaimed Deposits

The Reserve Bank of India (RBI) launched the Unclaimed Deposits – Gateway to Access inforMation (UDGAM) portal on August 17, 2023, to make it easier for the public to search for their unclaimed deposits across multiple banks in one place. The portal is a centralized web platform that allows users to search for unclaimed deposits by name, account number, or PAN number.

Unclaimed deposits are deposits that have not been operated for 10 years or more. After 10 years, banks are required to transfer these deposits to the Depositor Education and Awareness (DEA) Fund, which is maintained by the RBI.

UDGAM is a significant step forward in the RBI's efforts to protect the interests of depositors and promote financial inclusion. It is also a valuable tool for banks, as it can help them to reduce the number of unclaimed deposits and improve their customer service.

How to use the UDGAM portal

To use the UDGAM portal, users simply need to visit the website and enter their name, account number, or PAN number in the search bar. The portal will then display a list of all unclaimed deposits associated with the user's search criteria.

Once the user has identified their unclaimed deposit, they can click on the "Claim Now" button to initiate the claim process. The user will then be redirected to the website of the bank where the unclaimed deposit is held.

To complete the claim process, the user will need to submit certain documents to the bank, such as a copy of their identity proof and address proof. The bank will then process the claim and disburse the amount due to the user.

Benefits of using the UDGAM portal

The UDGAM portal offers a number of benefits to both depositors and banks. For depositors, the portal provides a convenient and easy way to search for and claim their unclaimed deposits. For banks, the portal can help to reduce the number of unclaimed deposits and improve their customer service.

Some of the key benefits of using the UDGAM portal include:

• Convenience: The portal allows users to search for unclaimed deposits from multiple banks in one place, without having to visit each bank's website individually.
• Transparency: The portal provides users with detailed information about their unclaimed deposits, including the name of the bank, the account number, and the amount of the deposit.
• Efficiency: The portal streamlines the claim process by allowing users to initiate the claim process directly from the portal.

Why is it important to claim unclaimed deposits?

There are several reasons why it is important to claim unclaimed deposits:

• Unclaimed deposits belong to their rightful owners.
• Unclaimed deposits can be used to fund financial goals such as retirement, education, or starting a business.
• Unclaimed deposits can be used to settle debts or pay for unexpected expenses.

How to claim unclaimed deposits using the UDGAM portal

To claim unclaimed deposits using the UDGAM portal, follow these steps:

1. Visit the UDGAM portal at https://udyamregistration.gov.in/Udyam_Login.aspx.
2. Click on the "Search for Unclaimed Deposits" button.
3. Enter your name, account number, or PAN number.
4. Click on the "Search" button.
5. If you find any unclaimed deposits, click on the "View Details" button.
6. Review the deposit details and click on the "Claim Deposit" button.
7. You will be redirected to the website of the bank where the unclaimed deposit is held.
8. Follow the instructions on the bank's website to claim your deposit.

If you need help claiming your unclaimed deposit

If you need help claiming your unclaimed deposit, you can contact the RBI's Customer Support Center at 1800-222-229. You can also contact the bank where the unclaimed deposit is held.

How to avoid unclaimed deposits

There are a number of steps that depositors can take to avoid unclaimed deposits. These include:

• Keeping track of their bank accounts: Depositors should regularly review their bank statements to ensure that their accounts are active and that all transactions are accurate.
• Notifying the bank of any changes to their contact information: Depositors should notify their bank of any changes to their address or phone number. This will help the bank to stay in touch with them and to avoid sending important communications to the wrong address.
• Closing unused bank accounts: Depositors should close any unused bank accounts. This will help to reduce the risk of unclaimed deposits.

The RBI encourages all depositors to use the UDGAM portal to search for and claim their unclaimed deposits. The portal is a convenient, transparent, and efficient way to claim unclaimed deposits.