RBI’s UDGAM Portal: How to track unclaimed deposits on the platform

RBI UDGAM Platform: Search results on UDGAM display account holder's name, bank name, unclaimed deposit reference number and location.

Rs 78,213 crore. That’s the value of unclaimed deposits lying with banks across the country as of March 2024, as per the Reserve Bank of India’s (RBI) annual report for 2023-24.

This humungous amount sits in the Depositors' Education and Awareness Fund (DEAF) and earning a simple interest at a rate of 3 per cent per annum. As a result, these depositors have taken a significant hit in terms of returns forgone.

To resolve the challenges faced by such individuals and help them access their unclaimed bank deposits, the Reserve Bank of India (RBI) in August 2023 launched the Unclaimed Deposits – Gateway to Access Information (UDGAM) portal. It provides a centralised platform for users to consolidate and track unclaimed deposits held across different banking institutions.

What are unclaimed deposits?

A bank account's journey to becoming an unclaimed deposit involves two stages.

First, savings and current accounts are deemed inoperative/dormant after two years of inactivity. Similarly, recurring and term deposits become inoperative if unclaimed within two years of maturity.

If these accounts remain inactive for an additional eight years (a total of 10 years), the funds are transferred to the DEAF, categorising them as unclaimed deposits.

There are 30 banks that are part of the UDGAM portal as of March 2024. These banks cover around 90 per cent of unclaimed deposits (in terms of value) in the DEAF.

A step-by-step guide to registering on UDGAM portal

Step 1: Go to UDGAM website and register

Step 2: Provide your mobile number and name

Step 3: Create your password and enter captcha code

Step 4: Click two checkboxes to accept RBI's disclaimer policy and declare legitimate use, then proceed

Step 5: Enter OTP (one time password) sent on your registered mobile number to complete verification

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Keep key information at hand

To search unclaimed deposits in individual categories, a user has to provide inputs such as the name of the account holder, the name of the bank (one or more banks can be selected), and anyone or more of the five inputs such as permanent account number (PAN), driving licence number, voter ID number, passport number and date of birth of the account holder.

To look for unclaimed deposits pertaining to the Hindu undivided family (HUF), proprietorship, companies, partnership firms, limited liability partnership (LLP), the user needs to select a non-individual category. You will have provide inputs such as the name of the entity, the name of the bank (one or more banks can be selected), and anyone or more of the four inputs such as name of the authorised signatory, PAN, corporate identification number (CIN) and date of incorporation.

Even if none of this information is available, the user can type the address of the account holder or the entity (as the case may be), in place of these inputs mentioned above for undertaking the search.

A step-by-step guide to check unclaimed deposit at the UDGAM portal

Step 1: Go to UDGAM website

Step 2: Login with registered mobile number, password, captcha code and OTP

Step 3: Enter the name of the account holder as per bank records

Step 4: Then select any one bank or multiple banks or all banks.

Step 5: Key in at least one ID proof: PAN, voter ID, driving licence, passport, or date of birth

Step 6: Click on ‘search’ to view unclaimed deposit accounts

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How to interpret UDGAM search results for unclaimed deposits

Search results on UDGAM display account holder's name, bank name (hyperlink to bank's webpage), unclaimed deposit reference number (UDRN) and location (upon clicking). Clicking the bank's name redirects users to their webpage for claim process instructions.

The UDRN is a distinctive identifier generated by banks through Core Banking Solution (CBS) for each unclaimed account/deposit transferred to RBI's depositor education and awareness fund. The UDRN ensures confidentiality and facilitates seamless claim settlement.

UDGAM not for claim settlement

The UDGAM portal will only help you identify unclaimed deposits/accounts across multiple banks in one place and provides information on the claim/settlement process of each bank (which will be available in the search result). The unclaimed deposits can be claimed only from the respective bank.