The RBI has recently launched the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal. This consolidated web portal aims to make it easier for consumers to search for their unclaimed deposits across multiple banks in one place. The RBI has developed this portal to assist the general public and provide them with convenient access to information. To learn more about the RBI Udgam Portal, including its highlights, objectives, features, benefits, a list of banks participating in the portal, and the steps to register and login, continue reading below.
RBI Udgam Portal
On April 6, 2023, the Reserve Bank of India (RBI) issued a statement on developmental and regulatory policies. As part of this, they unveiled plans to establish a centralized web platform for individuals to search for unclaimed deposits. To address the increasing number of unclaimed deposits, the RBI has been periodically initiating public awareness campaigns, aiming to inform the public about this matter. These initiatives also encourage individuals to reach out to their respective banks to retrieve any unclaimed deposits they may have.
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RBI Udgam Portal Details in Highlights
| 🌐 Portal Name | UDGAM RBI Portal |
| 🏦 Started by | Reserve Bank of India |
| 🎁 Benefit | Easily Claim of Unclaimed Deposits |
| 📊 Category | Finance |
| 👥 Beneficiary | Individuals and Non-Individuals with unclaimed deposits |
| 🖥️ Registration and Login Process | Online |
| 📅 Starting Date of Registration | 18th August 2023 |
| 🔗 Official Website | Click Here |
Udgam RBI Portal Objective
Creating a web portal will simplify the process for consumers to find their unclaimed deposits and accounts. They will have the choice to reactivate their deposit accounts with their banks or withdraw the deposit amount.
Features & Benefits of Udgam RBI Portal
The following are some of the portal’s main perks and features:
- Reserve Bank of India (RBI) announced the introduction of UDGAM (Unclaimed Deposits – Gateway to Access Information).
- Participating banks, Indian Financial Technology & Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT) collaborated to develop the platform.
- Thanks to UDGAM, users will have access to details about their unclaimed deposits for the seven banks that are already represented on the platform.
- The search feature for the remaining banks on the platform would gradually be made available by October 15.
Need of RBI Udgam Portal
Deposits in savings, current, or fixed deposit accounts that have not been utilized for a period of 10 years are considered as “Unclaimed Deposits.” Unclaimed Deposits refer to the remaining balances in savings or current accounts that have not been accessed for 10 years, or term deposits that have not been claimed within 10 years after their maturity date. In order to ensure their safekeeping, banks transfer these funds to the Depositor Education and Awareness (DEA) Fund, managed by the Reserve Bank of India.
Depositors in banks have the entitlement to recover abandoned funds, along with any accumulated interest, even if the funds have been transferred to the DEA. The Reserve Bank of India (RBI) expressed concern in a July 2022 statement about the increasing amount of unclaimed deposits, despite attempts to enhance public awareness. Nevertheless, despite the occasional initiatives by banks and the RBI to raise awareness, the number of unclaimed deposits continues to rise steadily.
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Reason of Increased Unclaimed Deposits
Based on a news release from the RBI on July 22, 2022, the increasing number of unclaimed deposits is mainly due to depositors neglecting to close their savings or current accounts, failing to inform banks about fixed deposit maturity redemption requests, or in cases of deceased depositors, the nominees or legal heirs not making a claim against the relevant banks.
List of Banks under RBI Udgam Portal
The following seven banks are now accessible on the RBI Udgam site, and users will initially be able to examine information regarding their unclaimed deposits in respect to them:
- India Central Bank
- Bank of India State
- National Bank of Punjab
- Bank Dhanlaxmi Ltd.
- CITIZEN BANK N.A.
- Bank of India South Ltd.
- In India, DBS Bank Ltd.
Steps to Register on the UDGAM Portal
The procedures listed below must be followed by the user in order to register on the RBI Udgam Portal:
- First, visit the RBI Udgam Portal’s official website at https://udgam.rbi.org.in.
- The website’s home page will appear on the screen.
- Click the Register option in the login box.
- On the screen, the registration form will appear.
- Now, complete the form with all the necessary information, including your name, mobile number, password, and captcha code.
- Accept the declarations and click the next button after that.
- Now, provide all the additional information needed.
- To finish the registration procedure, click the register button.
Steps to Login on the RBI Udgam Portal
The steps listed below must be followed by the user in order to log into the portal:
- First, visit the RBI Udgam Portal’s official website at https://udgam.rbi.org.in.
- The website’s home page will appear on the screen.
- Enter your cellphone number and the password in the login window.
- Enter the captcha code following that.
- When you’re ready, click the next button to log into your registered account.
Contact Details
Please feel free to contact us at the following information if you require any further information or have any questions or complaints about the RBI Udgam Portal:
UDGAM Support Team: [email protected]
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Posted By :- Sonu Gupta
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FAQ’S – UDGAM RBI Portal 2023
The Reserve Bank of India (RBI) has introduced the innovative RBI UDGAM Portal. UDGAM, which stands for “Unclaimed Deposits – Gateway to Access Information,” is a user-friendly online platform. Its purpose is to aid individuals in locating and retrieving their unclaimed deposits or accounts from various banks conveniently.
UDGAM Portal RBI Is designed to help users find and claim unclaimed deposits across different banks.
To help such depositors or the nominees / legal heirs of deceased depositors identify and claim the deposits, banks already host the list of Unclaimed Deposits on their website with some identifiable details. Members of public are encouraged to identify and approach the bank concerned for claiming such deposits.
