How to Check and Claim Your Unclaimed Bank Deposits?

Bank deposits are the most popular investment option in India where people keep their savings and earn interest on it. Most people save money in these accounts for their future but sometimes they forget about it. These deposits become inactive sometime in banks but are not claimed. If these are not claimed within ten years of maturity are considered as unclaimed deposits. RBI launched a centralized web portal for these unclaimed deposits known as UDGAM for users to search their unclaimed deposits . In this blog we will discuss unclaimed deposits and how to claim them using UDGAM portal in detail.

What are Unclaimed Deposits?

Deposits that don’t have any activity on them for more than 10 years of maturity are known as unclaimed deposits. If you have not used your savings or current account for more than 10 years of maturity it is considered as unclaimed.

What is UDGAM Portal?

Unclaimed Deposits-Gateway to Access information (UDGAM) is a centralised online portal which allows users to search for their unclaimed deposits/accounts across multiple banks and claim them using the same portal.

ALSO READ: https://stablemoney.in/blog/fixed-deposit-how-does-it-work

How to Check Unclaimed Deposits on UDGAM Portal?

Here is how you can check your unclaimed deposits on UDGAM portal-

• Visit the UDGAM portal
• Click on register for creating an account
• Enter mobile number, first and last name, password
• Re-enter password
• Enter captcha code
• Check on check boxes and click on next
• An OTP will be generated and send to the registered mobile number
• Enter the OTP and click on register
• Complete your registration
• Now, Go back to the UDGAM login page
• Enter mobile number, password and captcha code
• Now, click on next
• An OTP will be generated and sent to the registered mobile number
• Enter the OTP and click on login
• Click on individual tab
• Click on the search unclaimed deposits
• Now, enter account holder name
• Select a bank and enter any one document like voter-ID, PAN, driving license, passport, etc.
• Now, click on search

The portal will search and show details regarding any unclaimed deposit on the name entered.

How To Claim Unclaimed Deposits?

Here is how you can claim unclaimed deposits using UDGAM portal-

• Visit the bank where you have that account
• Fill all the required details with the claim form
• Submit the filled form with the required documents like KYC, deposit receipt or photo.
• In case of a legal heir, you should submit a copy of the death certificate.

Once verified, the bank will release these unclaimed funds.

ALSO READ: https://stablemoney.in/blog/how-to-withdraw-a-fixed-deposit-process-and-alternatives

Which Banks are Part of UDGAM Portal?

UDGAM portal currently has 30 banks and covers 90% of the unclaimed deposits. Here is a list of banks which are a part of UDGAM portal-

Conclusion

Unclaimed deposits are more common than we think, often resulting from forgotten accounts, address changes, or simply losing track over time. Thanks to the RBI’s UDGAM portal, tracing and reclaiming these funds has become simpler, faster, and more transparent than ever before. If you or your family suspect that you might have old deposits lying dormant. Check it using the UDGAM portal and claim what’s rightfully yours. After all, every forgotten rupee could help you secure your financial future a little better.