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More than 850,000 Indians have used an online portal of the central bank to withdraw money from bank deposits that were dormant for years, according to recent data presented before the Lok Sabha. The portal called UDGAM, short for Unclaimed Deposits Gateway to Access inforMation, had 859,683 registered users as of July 1.
The deposits, some of which were dormant for more than 10 years, include balances from savings, current and matured term accounts. Once an account is dormant for a decade, the bank transfers the money in it to the Depositor Education and Awareness (DEA) Fund of the Reserve Bank of India (RBI). With UDGAM, RBI is making it easier for rightful owners to trace and reclaim this forgotten money.
What is the UDGAM portal?
Launched in 2023, UDGAM centralises information on unclaimed deposits across participating banks. Instead of contacting banks individually, users can now search for dormant accounts and funds in one place.
The platform has been designed to streamline the tracing process for individuals, nominees, and legal heirs of the account holders. The initiative is part of RBI’s wider push to reduce unclaimed money in the banking system and return it to its rightful owners.
How to search for your unclaimed deposits
1. Login to https://udgam.rbi.org.in with your registered credentials.
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2. Select the “Individual” tab for personal deposit search.
3.Enter the name of the account holder, the bank’s name, and at least one of the following:
- PAN
- Voter ID
- Driving licence
- Passport number
- Date of birth
4. Click on ‘Search’ to view results.
The portal will display a grid with the name of the account holder, the bank, and a reference number. Clicking the bank’s name will redirect you to its specific claim process page.
What next?
If a matching record is found, users can initiate the claim process with the bank. Documents needed for that generally include identity proof and relationship verification (in case of heirs or nominees).
With UDGAM streamlining access, tracing forgotten deposits has become easier than ever, a small check that could lead to big surprises.
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