Unclaimed Deposit In Banks: The amount of unclaimed funds in Indian banks continues to rise, and according to government data, the total amount of unclaimed deposits in banks across the country is expected to reach ₹78,213 crore by March 2024!
We’ve all experienced a pleasant surprise when, while cleaning out an old jacket or pair of pants, we find ₹500-1000 that we had forgotten about. It feels like a bonus, an unexpected gift. Now imagine if such forgotten money was not a few hundred or thousand rupees, but in lakhs or even crores. Yes, this is exactly what’s happening with ₹78,213 crore worth of unclaimed deposits that are lying idle in Indian banks. This forgotten money could belong to your relatives or loved ones who might have deposited it and forgotten about it. The Reserve Bank of India (RBI) launched a portal in 2023 to help track such funds, and the process to check and claim it is extremely simple.
₹78,213 Crore in Unclaimed Deposits
According to data shared by the RBI, the total amount of unclaimed bank deposits across the country had risen to ₹78,213 crore by March 2024. This figure continues to increase every year. As for using this unclaimed money, it is transferred to the Depositors Education and Awareness Fund (DEAF) by the RBI, where it earns a meagre 3% interest annually.
RBI Launches UDGAM Portal
To address the growing issue of unclaimed deposits and make it easier for rightful owners to access their funds, the Reserve Bank of India took a major step in 2023 by launching the UDGAM Portal. This platform allows users to track unclaimed deposits across different banks in one place.
How UDGAM Portal Helps
The UDGAM Portal is a one-stop platform developed by the RBI with the support of Reserve Bank Information Technology Private Limited (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. It simplifies the process of locating unclaimed deposits from multiple banks. Currently, around 30 banks, accounting for nearly 90% of the unclaimed deposit amounts, are part of this portal.
Some of the key banks participating in the portal include the State Bank of India (SBI), Punjab National Bank (PNB), South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India, and Citibank. Other banks will be gradually integrated into the portal.
How to Register on the Portal:
- Visit the UDGAM Portal at udgam.rbi.org.in12
- Go to the “Unclaimed Amount” section and register.
- Enter your registered mobile number and name.
- Set a password and enter the CAPTCHA code.
- Check the box and click on “Next”.
- You’ll receive an OTP to verify your details.
- Once verified, create a password and log in to the portal with your mobile number and password.
You can now search for unclaimed deposits and file a claim if you find any.
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Documents Needed:
To find your unclaimed deposit, you’ll need to enter the account holder’s name and the bank name. Additionally, you will need one of the following documents:
- PAN card
- Voter ID
- Driving License number
- Passport number
- Birth certificate
Once you submit these details, you can search for unclaimed deposits using the “Search” option.
What Is an Unclaimed Amount?
Unclaimed deposits refer to funds that have remained untouched for an extended period. Banks conduct annual accounts reviews and identify those with no transactions for over 10 years—no deposits or withdrawals. These funds are considered unclaimed.
Banks try to contact the account holders to claim these amounts. If there is no response from the account holder, the bank reports the details to the RBI, and the money is transferred to the DEAF.
The launch of the UDGAM Portal offers a simple solution for individuals to track and reclaim forgotten funds. If you think you might have unclaimed money in a bank, this portal is a great place to start your search!
