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RBI says the UDGAM (Unconfirmed Deposits – Access Portal) portal, a centralized web platform, serves as a one-stop solution for individuals to locate dormant deposits Their activities spread across many banks. The UDGAM portal emerged as a response to the growing trend of unclaimed deposits and in line with RBI’s commitment to public awareness and financial inclusion.
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In an official statement, the RBI expressed its commitment to facilitating public access to information on unclaimed deposits from various banks. As part of the Development and Regulatory Policy Statement issued on April 6, 2023, the RBI announced its intention to establish the UDGAM portal. The goal is to simplify the process of locating and claiming these inactive funds, which can accumulate over time for a variety of reasons.
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Currently, the UDGAM portal includes detailed information on unclaimed deposits from seven banks. For individual customers, the portal provides access to unclaimed deposit information from State Bank of India (SBI), National Bank of Punjab, Central Bank of India, Bank of India Dhanlaxmi, Bank of South India and DBS Bank of India. For non-individuals, Citibank is also included.
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For those who want to see the UDGAM portal, the link to access it is: [https://udgam.rbi.org.in/unclaimed-deposits/#/login]. This portal is a step towards ensuring that unclaimed deposits are no longer a challenge for bank customers, promoting a more responsive and efficient financial system.
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To use UDGAM, users must register with their mobile number, name and password. The user can then login using their registered mobile number and password. An OTP is sent to the registered mobile number for verification. After logging in, users need to enter the account holder name and bank name. They can then choose one of five identifying inputs: PAN number, voter ID number, driver’s license number or date of birth. The user can enter the relevant details and select the bank they want to search.
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The portal allows a selection of multiple bank accounts. If the search criteria matches an unclaimed deposit, the portal will display the account details. If no unclaimed deposit is found, the result will show “no”.
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The UDGAM portal represents a significant leap towards increased transparency and customer empowerment in the banking sector. By providing a centralized platform for locating unclaimed deposits, RBI aims to ensure that individuals can easily claim their legitimate funds from different banks. , thereby promoting financial awareness and inclusion.
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Currently, bank customers have to go through many banks’ websites to claim these deposits. This new web portal will help bank customers find their unclaimed deposits in a single point.
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A deposit is considered unclaimed if there is no activity on it for ten years or longer. The banks transfer this money into the “Depositors Awareness and Education” (DEA) Fund maintained by the RBI. However, depositors still have the right to request to receive deposits at a later date from the bank(s) where such deposits are held along with interest, if any.
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According to RBI, the increasing volume of unclaimed deposits arises mainly because depositors do not intend to close their savings/current accounts or do not file reimbursement claims with the banks for their deposits. fixed deposit has matured. There are also cases where funds belong to a deceased depositor, where the designated/legal heirs do not claim the relevant bank(s).