Unclaimed bank deposits in India amounts to Rs 35,000; RBI launched UDGAM, a portal where you can claim your unclaimed bank deposits

According to recent reports, the total unclaimed bank deposits in India amounts to about Rs 35,000. Reserve Bank of India has launched its UDGAM portal to solve this problem. You can find your unclaimed deposits in this portal.

This article briefs the process of unclaimed deposits and how it works.

Savings/Current bank accounts become inactive after 10 years of inoperativeness. Even FDs and RDs become inactive if they are not claimed within 10 years of maturity. In this situation, the balance of these inactive savings/currents or RDs and FDs is considered to be an unclaimed deposit.

Subsequently, banks transfer these deposits to the “Depositor Education and Awareness” (DEA) Fund, which the RBI maintains.

As a depositor, you can approach the bank to claim your deposits along with interest. But, it’s not possible to approach every bank and fill out forms for all of your family members.

With the use of the UDGAM portal, you will be able to search for unclaimed deposits across various banks.

As of now, SBI, Punjab National Bank, Central Bank of India, Dhanalaxmi Bank Ltd, South Indian Bank Ltd. And DBS Bank India Ltd. is available in the portal for individuals. For non-individuals, the link also includes Citibank.

You will have to go to the website of UDGAM (https://udgam.rbi.org.in/unclaimed-deposits/#/register) and then register/log in. Next enter any one search criteria and select the relevant banks. The portal will then display the potential deposits. All the available banks can be selected at any given time.