All the information you need about the RBI’s Unclaimed Deposits portal

Mumbai, March 5 (IANS) The Reserve Bank of India (RBI) has released a set of FAQs about its UDGAM portal to assist individuals in recovering funds from unclaimed deposits with banks. The FAQs provide a comprehensive guide on how to utilize the portal to trace these accounts.

The UDGAM portal, short for Unclaimed Deposits-Gateway to Access inforMation, is an online platform developed by RBI for users to search unclaimed deposits/accounts across multiple banks in a centralized manner. As of now, 30 banks are part of the portal, representing around 90% of unclaimed deposits in the Depositor Education and Awareness Fund of RBI.

All types of unclaimed deposits/accounts under the Depositor Education and Awareness Fund of RBI can be searched on the UDGAM portal. Users need to provide their name and mobile number to register on the portal and can input various details like PAN, driving license number, voter ID number, etc., to search for individual accounts. For non-individual accounts, details like name of the entity, PAN, CIN, etc., are required.

The UDGAM portal aims to assist in the search for unclaimed deposits/accounts but does not facilitate the claim or settlement process. Once users find information on the portal, they must contact the respective bank to claim their unclaimed deposits. Each unclaimed account is assigned a unique Unclaimed Deposit Reference Number (UDRN) to ensure security and smooth settlement process between customers and banks.