How to Find and Claim Unclaimed Bank Deposits Through RBI UDGAM Portal

How to Find and Claim Unclaimed Bank Deposits Through RBI UDGAM Portal

Have you forgotten an old savings account or a fixed deposit (FD) opened years ago? Money in inactive bank accounts or forgotten deposits may still belong to you or your family. The Reserve Bank of India`s UDGAM portal helps people search for unclaimed deposits and identify the banks holding them.

What Happens to Bank Deposits Unclaimed for 10 Years?

Savings accounts, current accounts, fixed deposits (FDs) and recurring deposits (RDs) may become unclaimed if the money remains unclaimed for the prescribed period.

Under RBI rules, eligible deposits that remain unclaimed for 10 years, including balances in accounts classified as inoperative for that period, are transferred by banks to the Depositor Education and Awareness (DEA) Fund.

However, transferring money to the DEA Fund does not mean that the original owner loses the right to claim it. Eligible depositors or their legal heirs can approach the concerned bank and follow the required procedures to recover the money.

What Is the RBI UDGAM Portal?

UDGAM stands for Unclaimed Deposits – Gateway to Access Information. The RBI developed this portal to help people search for unclaimed deposits across participating banks without having to contact each bank separately.

The portal helps users identify possible unclaimed deposits, but it does not directly transfer money to their accounts.

Official website: https://udgam.rbi.org.in/

How to Find Forgotten Bank Deposits Through UDGAM

Follow these steps to search for unclaimed money:

Step 1: Visit the UDGAM Portal

Open the official RBI UDGAM website. Register using the details requested on the portal if you are a new user.

Step 2: Enter the Account Holder`s Details

Provide the account holder`s name and select the relevant bank. Depending on the search options available, you may be asked to enter details such as PAN, voter ID, driving licence number, passport number or date of birth. Other identifying details may also be accepted.

Step 3: Check the Search Results

Review the results carefully to see whether any unclaimed deposit matches the details you entered. If available, note the bank`s name and the Unclaimed Deposit Reference Number (UDRN).

Step 4: Contact the Relevant Bank

Approach the bank holding the deposit and ask about its claim procedure. Submit the required application and supporting documents to begin the verification process.

Documents Required to Claim Unclaimed Bank Deposits

The documents required may vary depending on the bank, account status and claimant`s circumstances. Commonly requested documents include:

- Identity proof, such as Aadhaar or another accepted document.

- Address proof.

- PAN or other relevant identification details, where required.

- Old passbook, account number or fixed deposit certificate, if available.

- The bank`s claim form and any required KYC documents.

If the original account holder has passed away, the nominee or legal heir may need to submit a death certificate and documents establishing their entitlement to the deposit.

Contact the concerned bank to confirm the exact documentation requirements before submitting a claim.

Can You Claim Money Without Visiting the Bank?

The UDGAM portal is primarily a search facility. It does not itself release or transfer the money. The claim must be processed by the bank holding the deposit.

If an account is simply inactive, the bank may require the account holder to complete reactivation procedures and update KYC details. If the deposit has been transferred to the DEA Fund, the claimant must follow the bank`s procedure for recovering the amount.

What If the Bank Does Not Resolve Your Complaint?

If you have already raised a complaint with the bank but have not received a satisfactory resolution, you may be eligible to approach the RBI under its Integrated Ombudsman Scheme.

Generally, you can lodge a complaint through the RBI Complaint Management System if the bank does not respond within 30 days or its response is unsatisfactory, subject to the scheme`s eligibility conditions.

Official complaint portal: https://cms.rbi.org.in/

Important Things to Remember

- Money in an old or inactive bank account does not automatically cease to belong to its rightful owner.

- Eligible deposits transferred to the DEA Fund can still be claimed through the concerned bank.

- UDGAM helps locate unclaimed deposits; the bank handles the claim and payment process.

- Verify the claim procedure through the bank`s official website or branch.

- Never share your OTP, PIN, password or confidential banking details with anyone promising to recover your money.

If you have an old savings account or a forgotten fixed deposit, check the RBI UDGAM portal to find out whether it may contain unclaimed money. Contact the relevant bank to verify the details and complete the claim process.