Did you check if you have unclaimed deposits in your old bank accounts? When a bank account remains dormant for more than a decade, or when a term deposit is not withdrawn within 10 years of maturity, it qualifies as an “unclaimed deposit.” These funds are transferred by banks to the Reserve Bank of India (RBI)’s Depositor Education and Awareness (DEA) Fund.
Where to Check for Unclaimed Deposits
The RBI has developed the UDGAM (Unclaimed Deposits-Gateway to Access inforMation) portal, which serves as a platform for banks to list unclaimed deposit details. Users can access this portal to check for funds they may have forgotten.
Banks Available on UDGAM Portal
Several banks, including major names like State Bank of India, HDFC Bank, ICICI Bank, Punjab National Bank, and Axis Bank, are registered on the portal.
RBI Guidelines on Managing Inactive Accounts
The RBI mandates banks to review accounts with no activity for more than a year and notify customers about the potential for their accounts to be classified as “inoperative.” These alerts can be sent via email, SMS, or letters, urging customers to use their accounts within the next year to avoid further complications.
For term deposits, banks are required to assess whether customers have collected the matured funds or rolled them into active accounts.
Steps to Claim Unclaimed Deposits
To reclaim unclaimed deposits, follow these steps:
- Visit the branch where the account or deposit was held.
- Complete the necessary claim form, providing details such as KYC information and deposit receipts.
- Submit required documents, including identification proofs and, if applicable, the deceased account holder’s death certificate for legal heirs.
After verifying the information, the bank will release the unclaimed funds.
How to Use UDGAM for Unclaimed Deposits
- Register on the UDGAM portal by entering your mobile number, name, and password.
- Log in and search by providing details such as PAN, voter ID, or date of birth (only one detail is needed) along with the bank’s name.
- The system will display information on any unclaimed deposits matching your query.
The RBI’s initiative and guidelines are designed to help customers reclaim dormant funds efficiently. Staying vigilant about account activity and monitoring financial assets can prevent deposits from becoming unclaimed in the future.
