About UDGAM Portal:
- UDGAM (Unclaimed Deposits-Gateway to Access inforMation) is an online portal developed by the Reserve Bank of India (RBI).
- The RBI collaborated with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and selected banks to develop this platform.
- It facilitates the registered users to search unclaimed deposits/accounts across multiple banks at one place in a centralized manner.
- There are 30 banks, which are part of UDGAM portal, and they cover around 90% of unclaimed deposits (in value terms) in the Depositor Education and Awareness (DEA) Fund of RBI.
- All unclaimed deposits/accounts that are part of the DEA Fund of RBI can be searched in the UDGAM portal.
- It provides information related to both individual and non-individual category of unclaimed deposits.
- Whether a user can settle/claim his/her unclaimed deposits through UDGAM portal?
- No, the UDGAM portal facilitates only
- the search of unclaimed deposits/accounts across multiple banks at one place and
- provides information on the 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.
- What is the Unclaimed Deposit Reference Number (UDRN)?
- After registration on the UDGAM portal, a person will get UDRN, which is a unique number generated through Core Banking Solution (CBS) by banks and assigned to each Unclaimed account/ deposit transferred to the DEA Fund of RBI.
- This number is used so that the account holder or the bank branch where the 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 searches in the UDGAM portal.
What are Unclaimed Deposits?
- According to RBI, “Unclaimed Deposits” refers to funds held in savings or current accounts that have remained inactive for a duration of 10 years, or in the case of fixed deposits (FDs), have not been withdrawn within 10 years from the maturity date.
- Such amounts are transferred by banks to the "Depositor Education and Awareness" (DEA) Fund, which is maintained by the Reserve Bank of India (RBI).
