Do banks owe you money? check unclaimed deposits via UDGAM portal

we have all had that delightful second when we discover a Rs 500 notice tucked away in an vintage jacket or a forgotten pair of denims. It seems like an unexpected bonus, doesn't it?

Now, consider if that forgotten money wasn't only some hundred rupees, however potentially hundreds or maybe lakhs lying idle in a bank account. that is exactly what unclaimed deposits are - your cash, sitting omitted.

Unclaimed deposits amounting to a awesome Rs seventy eight,213 crore are mendacity idle in various banks throughout the united states of america as of march 2024, according to the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI). these funds, transferred to the Depositors' education and attention Fund (DEAF), earn a simple interest of most effective 3% consistent with annum, reducing the capacity returns for depositors.

To cope with this issue and make it less complicated for people to get entry to their unclaimed finances, the RBI released the

Unclaimed Deposits - Gateway to access data (UDGAM) portal

in august 2023. The platform allows customers song and consolidate unclaimed deposits across specific banks in one place.

WHAT ARE UNCLAIMED DEPOSITS?

Unclaimed deposits are finances mendacity in financial institution money owed that have been inactive for an extended period. right here's how this happens:

Dormant bills: savings or modern bills become inactive if there is no pastime for two years. further, fixed and routine deposits are taken into consideration dormant if no longer claimed inside two years after adulthood.

Unclaimed deposits: If these accounts continue to be untouched for another eight years, the money is transferred to the DEAF, making them unclaimed deposits.

these deposits regularly occur because of forgotten bills, unclaimed fixed deposits, or the account holder's dying with out right succession planning.

HOW UDGAM PORTAL enables

The UDGAM portal is a one-stop platform advanced by way of the RBI in collaboration with Reserve financial institution information technology Pvt Ltd (ReBIT), indian economic generation & Allied services (IFTAS), and collaborating banks. It simplifies the manner of locating unclaimed deposits across multiple banks.

currently, 30 banks are a part of the portal, representing 90% of the full unclaimed deposits in terms of fee. Banks already on the platform consist of kingdom bank of India, punjab national bank, South indian financial institution, critical financial institution of India, Dhanlaxmi bank, DBS financial institution India, and CitiBank N.A. The final banks have been added in stages, with full integration finished via october 15, 2023.

a way to register at the UDGAM PORTAL

To look for unclaimed deposits, customers need to sign up on the UDGAM portal by means of following those steps:

go to the UDGAM Portal: access the reputable internet site.

sign in an account: input your cell variety, call, password, and CAPTCHA code. post the details. An OTP might be sent to your mobile range for verification.

Log In: Use your mobile quantity and password to log in. enter some other OTP despatched in your cell wide variety.

search for deposits:

provide information including the account holder's name and the financial institution call(s).

include as a minimum one of these search standards: PAN, Voter identity, riding Licence range, Passport quantity, or Date of delivery.

click "seek" to view your unclaimed deposits.

The RBI launched UDGAM to tackle the developing fashion of unclaimed deposits and make sure that rightful owners or their criminal heirs can reclaim their cash. Public recognition campaigns are being performed to inspire human beings to test and declare their funds through this portal.

after you locate unclaimed deposits via UDGAM, you can approach the respective financial institution to both reactivate the dormant account or declare the funds. The method may additionally require submitting files which include identity proof, proof of account ownership, and, in some cases, succession certificate.