The Reserve Bank of India (RBI) announced the launch of a Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on August 17, 2023 for the general public to make it simpler for them to look for their unclaimed deposits at several banks at one place.
What is UDGAM portal?
UDGAM refers to Unclaimed Deposits-Gateway to Access inforMation, which is an online portal developed by RBI. It facilitates the registered users to search unclaimed deposits/accounts across multiple banks at one place in a centralised manner.
Here are some important FAQs on UDGAM portal released by the RBI on March 5, 2024.
Whether user can settle/ claim his/her unclaimed deposits through UDGAM portal or from RBI?
No, the UDGAM portal facilitates only (a) the search of unclaimed deposits/accounts across multiple banks at one place and (b) provides information on claim/settlement process of each bank (which will be available in the search result). The unclaimed deposits can be claimed only from the respective bank.Also read: UDGAM portal for unclaimed FDs, savings accounts: RBI enrolls 30 banks, check if your bank is in the listAre all banks part of the UDGAM portal? What percentage of the unclaimed deposits they represent?
No. As on March 4, 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90% of unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund of RBI.
What are the types of deposits/accounts covered in UDGAM portal?
- All unclaimed deposits/accounts that are part of Depositor Education and Awareness (DEA) Fund of RBI can be searched in UDGAM portal.
- The accounts include
- savings bank deposit accounts;
- fixed or term deposit accounts;
- cumulative/recurring deposit accounts;
- current deposit accounts;
- other deposit accounts in any form or with any name;
- cash credit accounts;
- loan accounts after due appropriation by the banks;
- margin money against issue of Letter of Credit/Guarantee etc., or any security deposit;
- outstanding telegraphic transfers, mail transfers, demand drafts, pay orders, bankers cheques, sundry deposit accounts, vostro accounts, inter-bank clearing adjustments, unadjusted National Electronic Funds Transfer (NEFT) credit balances and other such transitory accounts, unreconciled credit balances on account of Automated Teller Machine (ATM) transactions, etc.;
- undrawn balance amounts remaining in any prepaid card issued by banks but not amounts outstanding against travellers cheques or other similar instruments, which have no maturity period;
- rupee proceeds of foreign currency deposits held by banks after conversion of foreign currency to rupees in accordance with extant foreign exchange regulations; and
- such other amounts as may be specified by the Reserve Bank from time to time.
What inputs are required to search unclaimed deposits of (a) individuals and (b) non-individuals on UDGAM portal?
A user is required to register on the portal by providing his/her name and mobile number.
(The user manual available on the portal elucidates the detailed process of registration and use of the portal).
Individuals: For searching unclaimed deposits in individual category, a user has to provide inputs such as name of the account holder, name of the bank (one or more banks can be selected) and any one or more of the five inputs viz., Permanent Account Number (PAN), Driving License Number, Voter ID Number, Passport Number and Date of Birth of the account holder.
Non-Individuals: For searching unclaimed deposits in non-individual category, a user has to provide inputs such as name of the entity, name of the bank (one or more banks can be selected) and any one or more of the four inputs viz., Name of the authorised signatory, PAN, Corporate Identification Number (CIN) and Date of Incorporation.
Even if none of the above-mentioned information is available, the user can type the address of the account holder or the entity (as the case may be), in place of these inputs mentioned above for undertaking the search.
What is Unclaimed Deposit Reference Number (UDRN)?
UDRN is a unique number generated through Core Banking Solution (CBS) by banks and assigned to each Unclaimed account/ deposit transferred to Depositor Education and Awareness (DEA) Fund of RBI. This number is used so that the account holder or the bank branch where account is maintained, cannot be identified by any third party. The UDRN enables the bank branches to seamlessly settle claims received from the customers/depositors, who have made successful search in UDGAM portal. All the 30 banks on-boarded to the UDGAM portal have put in place necessary requirements to generate UDRN during the development of the portal.