RBI UDGAM portal helps you find unclaimed bank deposits that may have been forgotten in old savings accounts, fixed deposits and other banking accounts.
The Reserve Bank of India (RBI) developed this online facility to help people search for forgotten money across multiple banks from one platform.
Many people may have old bank accounts that they no longer use or fixed deposits that were never claimed after maturity.
In some cases, the original account holder may have passed away, leaving family members unaware of the money deposited in the account.
The UDGAM portal makes it easier to identify such deposits without visiting multiple banks separately.
However, finding an unclaimed deposit through the portal does not mean the money is automatically transferred to the claimant.
RBI UDGAM Portal Helps Find Unclaimed Deposits
UDGAM stands for Unclaimed Deposits – Gateway to Access Information.
The RBI launched this centralised online portal in August 2023 to help registered users search for unclaimed deposits and accounts across participating banks.
The platform brings information from multiple banks together, allowing users to check whether an old account or deposit is listed as unclaimed.
Unclaimed deposits generally include balances in savings accounts, current accounts and fixed deposits that have remained unclaimed for the prescribed period.
Under RBI rules, deposits that remain unclaimed for 10 years or more are transferred by banks to the Depositor Education and Awareness (DEA) Fund.
However, the transfer does not mean that the rightful owner loses the money. Customers, nominees and legal heirs can still approach the concerned bank to establish their claim.
According to RBI information, the portal covers deposits that have been transferred to the DEA Fund by participating banks.
How to Search for Forgotten Money on UDGAM
People who want to check whether they have any unclaimed bank deposits can use the UDGAM portal by completing a simple registration and search process.
First, users need to visit the official UDGAM portal and register using their name and mobile number. An OTP verification is required to complete the registration.
After logging in, users can select the individual search option and enter the account holder’s name along with the name of the bank. They must also provide at least one identification detail from the available options.
The accepted details for individual searches include PAN, driving licence number, voter ID number, passport number and date of birth.
Users can select one bank or multiple banks to search for unclaimed deposits. If the information matches an unclaimed account in the participating banks’ records, the portal displays the relevant search results.
For non-individual accounts, such as companies and other entities, the portal also provides a separate search facility.
Users may need to enter the entity’s name, bank details and information such as PAN, Corporate Identification Number (CIN), date of incorporation or authorised signatory details.
How to Claim Money Found on the RBI Portal
One important thing customers should understand is that the UDGAM portal does not directly release or transfer unclaimed money.
Its main purpose is to help people identify forgotten deposits and provide information about the respective bank’s claim settlement procedure.
Once a matching deposit is found, the claimant must contact the concerned bank and follow its prescribed process. The bank will verify the claimant’s identity, ownership and eligibility before processing the request.
Customers may be asked to provide identity proof, address proof, account-related documents and other supporting papers, depending on the bank’s requirements.
If the original account holder has passed away, nominees or legal heirs can also approach the bank.
They may need to submit additional documents to establish their relationship with the deceased depositor and their legal entitlement to the funds.
The UDGAM search result also provides a unique Unclaimed Deposit Reference Number (UDRN).
This number helps banks identify the relevant deposit while maintaining confidentiality about the original account and branch details.
Why Does Money Become Unclaimed in Banks?
There are several reasons why money remains unclaimed in bank accounts. Some customers move to another city, change banks or forget about accounts opened many years earlier.
In other cases, people may forget about fixed deposits after maturity or fail to inform family members about their banking arrangements.
When an account holder dies, family members may also remain unaware of savings accounts, fixed deposits or other financial assets held by the deceased person.
Under RBI rules, deposits that remain unclaimed for 10 years or more are transferred to the DEA Fund.
This includes eligible balances in savings accounts, current accounts and term deposits, among other specified deposit categories.
However, the money continues to belong to its rightful owner or eligible claimant.
There is no need to assume that an old deposit has permanently disappeared simply because it has been transferred to the RBI’s fund.
The RBI has also been working with banks and other financial regulators to improve awareness and simplify the process of returning unclaimed financial assets to their rightful owners.
For families, checking old bank records and searching through the UDGAM portal can be a useful way to identify money that might otherwise remain forgotten for years.
