UDGAM Portal (Unclaimed Deposits – Gateway to Access inforMation)

About UDGAM Portal

 

• It has been developed by RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
• Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.
• The portal will enable users to either claim the deposit amount or make their deposit accounts operative at their respective banks.
• Procedure:
  • Customers can register on the 'Udgam' platform using their mobile number.
  • Once registered, they can search for unclaimed deposits under their name and provide additional inputs such as PAN, voter ID, driving licence and passport number.
  • Customers can then retrieve their deposits by completing a KYC process with their branch.
  • In case the deposit-holder has passed away, their nominee will be required to submit documents.

 

What are Unclaimed Deposits?

• According to RBI, "Unclaimed Deposits" refers to funds held in savings or current accounts that have remained inactive for a duration of 10 years, or in the case of fixed deposits (FDs), have not been withdrawn within 10 years from the maturity date.

 

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Q1) What is the Reserve Bank Information Technology Pvt Ltd (ReBIT)?

Reserve Bank Information Technology Private Limited (ReBIT) is a wholly-owned subsidiary of the Reserve Bank of India (RBI) established to provide IT and cybersecurity services to the RBI and other financial institutions. ReBIT plays a crucial role in enhancing the technological capabilities and cybersecurity infrastructure of the Indian banking and financial sector.

Source: RBI unveils UDGAM portal for search of unclaimed deposits