Have unclaimed deposits in banks? Heres how you can claim them, as per RBI rules
All unclaimed deposits/accounts are part of the Depositor Education and Awareness (DEA) Fund of the RBI.
Reserve Bank of India (RBI) said that 30 banks are providing the facility to people to trace unclaimed deposits/accounts through the UDGAM portal. The remaining banks are also in the process of joining it. With UDGAM, people can access information about unclaimed deposits. Through this, registered users have been given the facility to track unclaimed deposits/accounts in multiple banks at one place in a centralised manner.
All unclaimed deposits/accounts are part of the Depositor Education and Awareness (DEA) Fund of the RBI. In the list of frequently asked questions released on the Udgam portal, RBI says that 30 banks were connected to the Udgam portal till March 4, 2024. Nearly 90 per cent of the unclaimed deposits (in value terms) in the RBI's Depositor Education and Awareness Fund are in these banks. The total amount of unclaimed deposits till March 2023 was Rs 42,270 crore.
What are unclaimed deposits?
The RBI describes unclaimed deposits as “balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity”.
These unclaimed deposits are transferred by the respective banks to the Depositor Education and Awareness (DEA) fund, which is maintained by the RBI. People can still claim their deposits from the banks along with the interest.
How to register on UDGAM portal
Steps to register on the UDGAM portal
1) Visit the RBI’s official UDGAM portal using the given link - https://udgam.rbi.org.in/unclaimed-deposits/#/register
2) Click on ‘Register’ and enter the required details such as your mobile number and name.
3) Set a password and enter the captcha code.
Unclaimed money: How a nominee can claim money
A nominee can claim the deposit after the death of the depositor by visiting the bank branch with the Unclaimed Deposits Claim Form filled and signed. The nominee needs to have identity proof, a copy of the depositor’s death certificate, and passbook/special term deposit/term deposit receipts.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.