UDGAM Stands for Unclaimed Deposits – Gateway to Access information
The Reserve Bank of India (RBI) has launched a centralised web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to help people search for their unclaimed deposits across multiple banks. The portal was launched by RBI Governor Shaktikanta Das on August 17, 2023.
Click here to access the UDGAM website
Important – Here’s the Official RBI Circular
Unclaimed deposits are those deposits that have remained inactive for a period of 10 years or more. Under the RBI’s Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961, such deposits are transferred to the Depositor Education and Awareness Fund (DEAF).
The UDGAM portal will allow users to search for their unclaimed deposits by entering their name, account number, or other details. The portal will also provide information on the amount of the unclaimed deposit, the bank where it is held, and the steps to claim it.
To begin with, the UDGAM portal will only have details of unclaimed deposits from seven banks. However, the RBI plans to add more banks to the portal in a phased manner by October 15, 2023.
The launch of the UDGAM portal is a significant step towards helping people claim their unclaimed deposits. It will also help to increase awareness about unclaimed deposits and the steps to claim them.
Here are the key features of the UDGAM portal:
- It allows users to search for their unclaimed deposits across multiple banks.
- It provides information on the amount of the unclaimed deposit, the bank where it is held, and the steps to claim it.
- It is a user-friendly and secure portal.
How to use the UDGAM portal:
- Go to the UDGAM portal website.
- Click on the “Search for Unclaimed Deposits” tab.
- Enter your name, account number, or other details.
- Click on the “Search” button.
- The portal will display the results of your search.
- If you find your unclaimed deposit, you can contact the bank where it is held to claim it.
Currently 7 Banks are available on the UDGAM Portal.
1) State Bank of India
2) Punjab National Bank
3) Central Bank of India
4) Dhanlaxmi Bank Ltd
5) South Indian Bank Ltd
6) DBS Bank India Ltd
7) Citibank
The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023
The UDGAM portal is a useful tool for people who are looking for their unclaimed deposits. It is a simple and secure way to search for unclaimed deposits across multiple banks.
The UDGAM portal has been developed by a collaborative effort of Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks.
