How to check & claim unclaimed bank deposits through RBI’s UDGAM portal; a step-by-step guide

The Reserve Bank of India (RBI) has launched the UDGAM portal to help individuals find and claim any unclaimed funds in bank accounts. If you suspect that a relative or family member has unclaimed money in a bank account, you can now easily check and retrieve it using this portal.

What is Unclaimed Money?

When no transaction is made from a bank account for over 10 years, the funds in savings, current accounts, fixed deposits (FD), or recurring deposits (RD) are classified as unclaimed. These unclaimed amounts are transferred to the Depositor Education and Awareness (DEA) Fund, which is managed by the RBI and invested in government securities. However, the good news is that the money can still be claimed back.

Why Do Funds Become Unclaimed?

According to RBI, unclaimed funds usually arise when account holders pass away without appointing a nominee, leaving no one to claim the funds. In other cases, people may open accounts but fail to use or close them, leaving the money unclaimed. Additionally, funds in matured FDs, RDs, or other savings accounts that are not claimed within the due period also become unclaimed.

How to Check Unclaimed Deposits via UDGAM Portal

To check if you or your family have unclaimed money, visit the UDGAM portal at udgam.rbi.org.in. Here's how:

• Register on the UDGAM portal under the unclaimed amount section.
• Log in using your mobile number, password, and captcha.
• Enter the account holder’s name, account number, and bank name.
• Provide details like PAN, voter ID, driving license, or passport number.
• Click the search button.

If unclaimed funds are found, the details will appear on your screen, and you can contact the respective bank to reclaim the amount. Even if the funds have been transferred to the DEA Fund, the RBI allows you to withdraw them.

Steps to Avoid Unclaimed Funds:

• Always add a nominee to any investment or account.
• Share your financial information with your family members.
• Regularly update KYC details in your bank.
• Close unnecessary bank accounts.
• Keep important documents, like FD slips, secure and inform your family about them.

The UDGAM portal simplifies the process of finding and claiming unclaimed funds, ensuring that your or your loved ones' money doesn’t go unclaimed.