Here’s all you need to know about RBI’s Unclaimed Deposits portal

The Reserve Bank of India (RBI) on Tuesday issued a set of steadily requested questions (FAQs) about its UDGAM portal to assist folks get well their funds which are caught in unclaimed deposits/ accounts with banks.

The six FAQs cowl intimately the centralised data that’s out there from about 30 banks on the portal to assist monitor down these accounts.

*What is UDGAM portal?

UDGAM refers to Unclaimed Deposits-Gateway to Access inforMation, which is a web-based portal developed by RBI. It facilitates the registered customers to search unclaimed deposits/accounts throughout a number of banks at one place in a centralised method.

*Are all banks a part of the UDGAM portal? What proportion of the unclaimed deposits they symbolize?

No. As on March 4, 2024, there are 30 banks, that are a part of UDGAM portal, and so they cowl round 90 per cent of unclaimed deposits (in worth phrases) in Depositor Education and Awareness (DEA) Fund of RBI. The listing of those banks is obtainable on dwelling web page of UDGAM ( and within the RBI Press Release dated October 5, 2023. The remaining banks are within the technique of getting on-boarded.

*What are the forms of deposits/accounts lined in UDGAM portal?

All unclaimed deposits/accounts which are a part of Depositor Education and Awareness (DEA) Fund of RBI will be searched in UDGAM portal.

*What inputs are required to search unclaimed deposits of (a) people and (b) non-individuals on UDGAM portal?

A person is required to register on the portal by offering his/her identify and cellular quantity.

(The person handbook out there on the portal (https://udgam.rbi.org.in/unclaimed-deposits/#/login) elucidates the detailed technique of registration and use of the portal).

Individuals:For looking unclaimed deposits in particular person classes, a person has to present inputs such because the identify of the account holder, the identify of the financial institution (a number of banks will be chosen) and any a number of of the 5 inputs viz., Permanent Account Number (PAN), Driving License Number, Voter ID Number, Passport Number and Date of Birth of the account holder.

Non-Individuals: For looking unclaimed deposits within the non-individual class, a person has to present inputs such because the identify of the entity, the identify of the financial institution (a number of banks will be chosen) and any a number of of the 4 inputs viz., Name of the authorised signatory, PAN, Corporate Identification Number (CIN) and Date of Incorporation.

Even if not one of the above-mentioned data is obtainable, the person can sort the deal with of the account holder or the entity (because the case could also be), rather than these inputs talked about above for enterprise the search.

*Whether person can settle/declare his/her unclaimed deposits by UDGAM portal or from RBI?

No, the UDGAM portal facilitates solely (a) the search of unclaimed deposits/accounts throughout a number of banks at one place and (b) gives data on the declare/settlement course of of every financial institution (which will probably be out there within the search end result). The unclaimed deposits will be claimed solely from the respective financial institution.

*What is Unclaimed Deposit Reference Number (UDRN)?

UDRN is a novel quantity generated by Core Banking Solution (CBS) by banks and assigned to every Unclaimed account/ deposit transferred to Depositor Education and Awareness (DEA) Fund of RBI. This quantity is used in order that the account holder or the financial institution department the place the account is maintained, can’t be recognized by any third social gathering.

The UDRN allows the financial institution branches to seamlessly settle claims acquired from the purchasers/depositors, who’ve made profitable searches within the UDGAM portal. All the 30 banks on-boarded to the UDGAM portal have put in place mandatory necessities to generate UDRN through the growth of the portal.

(With inputs from IANS)