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Unclaimed Deposits – Gateway to Access inforMation (UDGAM) Portal


The Reserve Bank of India (RBI) recently launched a Centralised Web Portal, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), for the public to search for their unclaimed deposits across multiple banks at one place.


GS III: Indian Economy

Dimensions of the Article:

  1. Udgam Portal
  2. Unclaimed Deposits

Udgam Portal

The Udgam Portal is a creation of the Reserve Bank of India (RBI) designed to assist the general public in easily locating their unclaimed deposits across various banks.

Collaboration and Development:

  • The development of the Udgam Portal has been a collaborative effort involving key entities such as Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.

Features and Benefits:

  • The primary purpose of the portal is to streamline the process for individuals searching for unclaimed deposits by centralizing the information from multiple banks in one place.
  • Users have the option to claim their unclaimed deposit amounts or reactivate their dormant deposit accounts through the platform.

Claim Process:

  • Customers can create an account on the ‘Udgam’ platform using their mobile number.
  • After registration, users can search for unclaimed deposits associated with their name.
  • Additional identification inputs like PAN, voter ID, driving license, and passport numbers can be provided to narrow down the search.
  • Once the unclaimed deposit is identified, customers can proceed with the Know Your Customer (KYC) process at their respective bank branch to retrieve the funds.

Nominee Involvement:

  • If the original deposit-holder has passed away, their nominee will be required to submit appropriate documents for the claims process.
  • The Udgam Portal effectively eases the process of locating and claiming unclaimed deposits, streamlining interactions between customers and banks.

Unclaimed Deposits

  • Unclaimed Deposits, as defined by the Reserve Bank of India (RBI), pertain to funds present in savings or current accounts that have shown no activity for a period of 10 years.
  • For fixed deposits (FDs), unclaimed deposits are those where withdrawal has not occurred within 10 years from the date of maturity.

Inactivity Period:

  • The crucial criteria for identifying unclaimed deposits is the lack of any transactions or activities within the specified timeframe.

Types of Unclaimed Deposits:

  • Unclaimed deposits cover both savings and current accounts.
  • Additionally, fixed deposits are considered unclaimed if they remain untouched beyond 10 years from the maturity date.

Regulatory Involvement:

  • The Reserve Bank of India regulates the handling and management of unclaimed deposits in financial institutions.
  • Importance of Identification:
  • Identifying unclaimed deposits is crucial as these funds often belong to account holders who have lost track of their accounts or failed to carry out transactions for a substantial period.

Resolution and Retrieval:

  • The introduction of platforms like the Udgam Portal by RBI aims to simplify the retrieval process for individuals with unclaimed deposits.
  • Once identified, account holders can follow the appropriate procedures to claim their funds or reactivate their dormant accounts.

-Source: The Hindu

May 2024