Forgot About An Old Bank Account? Here’s How To Claim Your Unclaimed Money Easily

Many Indians unknowingly leave behind thousands, even lakhs, in their fixed deposits after maturity. In several cases, the money remains stuck when a bank account becomes inactive or frozen due to inactivity or compliance issues. If you are one of those bank customers worried about an unclaimed amount of money, here's how you can take it out without any trouble with the Reserve Bank of India's initiative.

To address the issue, the Reserve Bank of India (RBI) has launched special initiatives to help customers trace and claim their unclaimed deposits easily. The RBI-introduced UDGAM portal, which stands for Unclaimed Deposits-Gateway to Access Information, is one-stop solution for bank customers.

What is UDGAM Portal?

UDGAM portal is an online platform which allows users to search for unclaimed deposits or accounts across various banks in a centralised manner. As per the RBI website, around 30 banks are part of the UDGAM portal as of March 4, 2024.

These banks represent approximately 90% of the unclaimed deposits in terms of value within the RBI's Depositor Education and Awareness (DEA) Fund. The list of participating banks is available on the UDGAM homepage and in an RBI press release dated October 5, 2023. Other banks are in the process of joining.

How To Search For Unclaimed Deposit on UDGAM Portal?

People are required to register on the portal to avail the service. Register by providing the name and mobile number. The user manual on the portal offers a detailed guide on registration and usage.

You are required to enter details like account holder's name, bank name, PAN card details, driving license number, voter ID number, passport details and date of birth (if needed).
For non-individuals, inputs include entity name, bank name(s), and identifiers like authorised signatory name, PAN, Corporate Identification Number (CIN), or date of incorporation. If none of these details are available, users can use the address of the account holder or entity instead to conduct their search.

How To Claim Unclaimed Money?

Once you get the information about the unclaimed deposit of your family member or close relative, verify it and note down the details. Now contact the concerned bank or bank branch to claim the amount or mae the settlement.

A unique identifier known as Unclaimed Deposit Reference Number (UDRN) is generated through Core Banking Solutions by banks for each unclaimed deposit transferred to the DEA Fund. This ensures that third parties cannot identify account holders or bank branches where accounts are maintained.