Mudra Compass

As of March 2024, a staggering ₹78,213 crore lies unclaimed in bank accounts across the nation, according to the Reserve Bank of India’s (RBI) annual report for 2023-24. This money, deposited in the Depositors’ Education and Awareness Fund (DEAF), earns a nominal interest rate of 3% annually. However, the original depositors face substantial losses due to forgone higher returns.

To address this issue and make it easier for people to access their unclaimed deposits, the RBI launched the Unclaimed Deposits – Gateway to Access Information (UDGAM) portal in August 2023. This centralized platform enables users to locate unclaimed funds across various banks in a streamlined manner.

What Are Unclaimed Deposits?

Unclaimed deposits are funds in bank accounts that remain inactive for a prolonged period. The journey of such deposits follows a two-stage process:

1. Dormant/Inoperative Accounts

1. Savings and current accounts become inactive if there’s no activity for two consecutive years.
2. Fixed deposits or recurring deposits turn inactive if not claimed within two years of maturity.
3. Transfer to DEAF
4. If the inactivity persists for an additional eight years (10 years in total), these funds are transferred to the DEAF, categorizing them as unclaimed deposits.

Currently, 30 banks, accounting for nearly 90% of the unclaimed funds in DEAF, are integrated with the UDGAM portal.

How to Register on the UDGAM Portal

To use the UDGAM portal, you must register first. Here’s a step-by-step guide:

1. Visit the UDGAM portal.
2. Enter your mobile number and name.
3. Create a secure password and complete the CAPTCHA code.
4. Agree to RBI’s disclaimer and legitimate use declaration by clicking the two checkboxes.
5. Verify your registration by entering the OTP sent to your mobile number.

Information Required for Searching Deposits

To track unclaimed deposits, you’ll need specific details based on the account category:

For Individual Accounts

• Provide the account holder’s name and the name of the bank (you can select one or multiple banks).
• Additionally, supply one or more of these identifiers:
  • Permanent Account Number (PAN)
  • Driving license number
  • Voter ID number
  • Passport number
  • Date of birth

For Non-Individual Accounts (HUFs, Companies, etc.)

• Provide the entity’s name and the bank(s).
• Supply one or more of the following details:
  • Name of the authorized signatory
  • PAN
  • Corporate Identification Number (CIN)
  • Date of incorporation

If Key Information Is Missing

Users can search using the account holder’s or entity’s address instead of the identifiers mentioned above.

Steps to Check Unclaimed Deposits on UDGAM

Once registered, follow these steps to search for unclaimed deposits:

1. Log in using your registered mobile number, password, CAPTCHA code, and OTP.
2. Enter the account holder’s name as per bank records.
3. Select one or multiple banks to search within.
4. Provide at least one ID proof: PAN, voter ID, driving license, passport, or date of birth.
5. Click ‘Search’ to view results.

Understanding Search Results

The search results on the UDGAM portal provide:

• The account holder’s name.
• Bank name (hyperlinked to the respective bank’s webpage).
• Unclaimed Deposit Reference Number (UDRN).
• Account location (accessible by clicking on the location field).

The UDRN is a unique identifier assigned by banks for each unclaimed deposit transferred to the DEAF. This reference number ensures confidentiality and facilitates smooth claim processing.

Clicking the bank’s name redirects you to its webpage, where you can find detailed instructions on the claim process.

Limitations of UDGAM

While the UDGAM portal consolidates information about unclaimed deposits, it does not facilitate claim settlements. Users must approach the respective banks for claiming the funds. The portal serves as a tool to identify unclaimed accounts and provides guidance on initiating the claim process.

Conclusion

The RBI’s UDGAM portal is a significant step toward empowering depositors to reclaim their unclaimed funds. By providing a centralized and user-friendly platform, the initiative simplifies the process of locating dormant deposits across multiple banks. As unclaimed funds continue to accumulate, tools like UDGAM ensure greater transparency and accessibility, helping individuals recover what’s rightfully theirs. Whether for personal accounts or business entities, the portal bridges the gap between depositors and their unclaimed funds, reinforcing financial accountability and inclusivity.