Reserve Bank of India has announced that 30 banks have joined the UDGAM portal, which is designed to help users search for unclaimed deposits/accounts in a centralized manner.
About UDGAM Portal:
- UDGAM stands for Unclaimed Deposits-Gateway to Access Information.
- It is an online platform created by the Reserve Bank of India (RBI).
- It allows registered users to search for unclaimed deposits/accounts across multiple banks in one place.
Key Features:
- Covers about 90% of unclaimed deposits in terms of value in the Depositor Education and Awareness (DEA) Fund of RBI.
- Provides information on both individual and non-individual category unclaimed deposits.
- Offers details on the claim/settlement process of each bank but does not facilitate the actual claim process.
What Constitutes Unclaimed Deposits?:
- Accounts not operated for 10 years and term deposits not claimed within 10 years from their maturity date.
- Types include savings, fixed/term, cumulative/recurring, current deposit accounts, and more.
- Also includes loan accounts after due appropriation by banks, margin money, unadjusted NEFT credit balances, etc.
Ref:Source
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