To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks presently available on the portal.
The Reserve Bank of India recently launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access information) to help people search and claim unclaimed deposits. The portal has been developed by the RBI to help the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks in one place.
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What Is An Unclaimed Deposit?
According to RBI, “Balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity are classified as “Unclaimed Deposits”.
Given the increasing trend in the number of unclaimed deposits, the RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter, the central bank said in a statement.
Through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits, it added.
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How Will RBI Portal Help Customers?
The launch of the web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
The issues related to unclaimed deposits were also discussed during the meeting of the high-powered Financial Stability and Development Council (FSDC) headed by finance minister Nirmala Sitharaman in May this year.
Nirmala Sitharaman had underlined the need of launching a drive to help people get their unclaimed deposits in banks and other financial institutions.
Who Can Claim Unclaimed Deposits?
To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks presently available on the portal. The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
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Which Banks Are Available On RBI UDGAM Portal?
Presently unclaimed deposits from seven banks — State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India and Citibank — are available on the portal.
About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the RBI by public sector banks (PSBs) in respect of deposits, which were not operated for 10 years or more.
State Bank of India (SBI) tops the chart of unclaimed deposits worth Rs 8,086 crore, followed by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.
The deposits remaining unclaimed for 10 years in a bank are transferred to the ‘Depositor Education and Awareness’ (DEA) Fund maintained by RBI.
The RBI has been taking various measures to ensure that newer deposits do not turn unclaimed and existing unclaimed deposits are returned to the rightful owners or beneficiaries after following due procedure.
