The Reserve Bank of India recently launched a centralised web portal called UDGAM (Unclaimed Deposits - Gateway to Access inforMation) for individuals to search such deposits across multiple banks in one place.
What are unclaimed deposits
According to RBI, balances in savings or current accounts which are not operated for ten years, or term deposits not claimed within ten years from the date of maturity are classified as unclaimed deposits.
The platform will aid users to identify their unclaimed deposit accounts and enable them to either claim the same or make them operational at their respective banks. Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.
How to access
Individuals will have to register to access and check for unclaimed deposits on the platform. Users will have to head to the UDGAM portal and enter the relevant details, including name and contact details.
![UDGAM portal UDGAM portal](https://bl-i.thgim.com/public/incoming/ehfnxg/article67215753.ece/alternates/FREE_660/RBI%27s%20UDGAM%20portal.png)
UDGAM portal
Users need to have the PAN, voter ID, driving license number and passport details of the account holder handy. Upon entering relevant details, individuals would be able to look out for unclaimed deposits of the account holder.
At present, the following seven banks are available on the portal;
- State Bank of India
- Central Bank of India
- Citi Bank
- DBS Bank
- Dhanlaxmi Bank
- Punjab National Bank
- South Indian Bank
RBI had said that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
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