What Is the UDGAM Portal? Know Steps To Reclaim Money As RBI Intensifies Efforts To Reunite the Public With INR 48,000 Crore in Unclaimed Deposits
The RBI is actively working to help account bank holders reclaim their unclaimed money lying in inactive bank accounts and fixed deposits. The Reserve Bank of India has launched initiatives such as the UDGAM portal and the "100 Days 100 Pays" campaign to streamline the process. Scroll below to know the steps to reclaim money.
Mumbai, December 23: The Reserve Bank of India (RBI) has significantly ramped up its efforts to reunite individuals with an estimated INR 48,262 crore in unclaimed deposits held across various banks nationwide. With a focus on enhancing financial literacy and simplifying the reclamation process, the central bank has introduced key initiatives, including a centralised web portal and a targeted awareness campaign, to address the growing volume of dormant funds.
What Are Unclaimed Deposits
Unclaimed deposits refer to funds in savings or current accounts that have remained inactive for 10 years or more. This also includes matured fixed deposits where the proceeds haven't been claimed within 10 years of their maturity date. Common reasons for accounts becoming dormant include a change of address, forgotten accounts, or the passing of an account holder without a nominee or the legal heirs being aware.
These funds, once deemed unclaimed, are transferred by banks to the RBI's Depositor Education and Awareness (DEA) Fund. However, account holders or their legal heirs retain the right to claim these funds at any time. INR 2,000 Crore Returned So Far Under ‘Your Money, Your Right’ Initiative; PM Narendra Modi Urges Citizens to Claim Unclaimed Assets.
RBI's Proactive Measures
Recognising the challenge, the RBI has implemented two major initiatives:
"100 Days 100 Pays" Campaign: Launched in June 2023, this campaign tasks banks with tracing and settling the top 100 unclaimed deposits of every bank in every district within a 100-day timeframe. The goal is to bring focused attention to high-value dormant accounts and expedite their return to legitimate owners.
UDGAM Portal: Unveiled in August 2023, the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal serves as a centralised online platform. It allows users to search for unclaimed deposits across multiple banks in one go, significantly simplifying what was previously a tedious, bank-specific inquiry process.
How To Use the UDGAM Portal
The UDGAM portal is designed for ease of use. Users can search for unclaimed deposits by providing details such as their name, Permanent Account Number (PAN), driving license number, or date of birth. The portal then aggregates information from various participating banks, indicating if any unclaimed funds are associated with the provided details. This eliminates the need to visit individual bank websites or branches for preliminary checks. Did Reserve Bank of India Direct All Banks To Migrate to the '.bank.in' Domain? PIB Fact Check Reveals Claim Is True.
Step-by-Step Guide to Reclaiming Your Funds
Once an unclaimed deposit is identified, either through the UDGAM portal or direct bank inquiry, the reclamation process generally involves these steps:
- Confirm which bank holds the unclaimed deposit.
- Reach out to the bank's branch where the account was held, or contact their customer service or dedicated unclaimed deposits desk. Most banks also provide information and forms on their official websites.
- Submit the required such as identity proof (e.g., PAN card, Aadhaar card), address proof (e.g., Aadhaar card, utility bills), proof of ownership of the account (e.g., passbook, account statement, deposit receipt) and a completed claim form provided by the bank.
- If the account holder is deceased, the legal heirs or nominees must provide additional documents, including the death certificate of the account holder, proof of their relationship with the deceased, and legal heirship certificates or a will, if applicable.
- The bank will verify the submitted documents. Upon successful verification, the unclaimed funds, along with any accrued interest, will be disbursed to the claimant.
Why Does This Initiative Matter
The RBI's concerted drive is a crucial step towards enhancing consumer protection and financial inclusion. It not only helps individuals recover their hard-earned money but also promotes greater awareness about managing financial assets. By simplifying the process and making information more accessible, the RBI aims to significantly reduce the volume of unclaimed deposits and ensure that funds remain within the financial ecosystem for their rightful owners.
(The above story first appeared on LatestLY on Dec 23, 2025 07:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).