The Reserve Bank of India not too long ago launched a centralised web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) for people to search such deposits throughout a number of banks in a single place.
What are unclaimed deposits
In accordance to RBI, balances in financial savings or present accounts which are not operated for ten years, or time period deposits not claimed inside ten years from the date of maturity are categorized as unclaimed deposits.
The platform will assist customers to determine their unclaimed deposit accounts and allow them to both declare the similar or make them operational at their respective banks. Reserve Financial institution Info Know-how Pvt. Ltd. (ReBIT), Indian Monetary Know-how & Allied Companies (IFTAS), and collaborating banks have collaborated on growing the portal.
How to entry
People may have to register to entry and examine for unclaimed deposits on the platform. Customers may have to head to the UDGAM portal and enter the related details, together with identify and call details.
UDGAM portal
Customers want to have the PAN, voter ID, driving license quantity and passport details of the account holder helpful. Upon coming into related details, people would have the opportunity to look out for unclaimed deposits of the account holder.
At current, the following seven banks are obtainable on the portal;
RBI had mentioned that the search facility for remaining banks on the portal could be made obtainable in a phased method by October 15, 2023.
Printed on August 20, 2023
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