RBI Udgam Portal: Benefits, Registration, Login & Types of Deposits Covered in UDGAM

RBI Udgam Portal
RBI Udgam Portal

In the ever-evolving financial landscape of India, the Reserve Bank of India (RBI) has introduced a significant tool to assist both individuals and entities in reclaiming unclaimed deposits: the UDGAM Portal. Launched on August 17, 2023, the Unclaimed Deposits Gateway to Access Information (UDGAM) aims to streamline the process of searching for and claiming dormant funds scattered across multiple banking institutions.

Also Read: Nanaji Deshmukh Krishi Sanjivani Yojana 2024: Benefits, Documents Required & Application Process

What is the RBI Udgam Portal?

The UDGAM Portal is an online initiative by the RBI designed to centralize the search for unclaimed deposits within India. It serves as a single point of access for depositors to explore any dormant or forgotten accounts and the funds within them, which may include savings, fixed deposits, or even cumulative accounts.

Name of the schemeRBI Udgam Portal
Full formUnclaimed Deposits Gateway to Access Information
Launched byRBI
Launched onAugust 17, 2023
ObjectiveTo make it simpler for them to look for their unclaimed deposits at several banks at one place.
BeneficiariesGeneral public
No. of banks involved30 banks
Official Websiteudgam.rbi.org.in

Benefits of RBI Udgam Portal

The UDGAM Portal brings multiple benefits:

  • Centralized Search: It allows users to search for unclaimed deposits from several banks in one location.
  • Privacy Protection: Each unclaimed account is assigned a unique reference number to protect the identity of the bank branch and the account holder.
  • Wide Coverage: Covers 90% of India’s unclaimed deposits, with 30 banks currently participating and more expected to join.

The Process to Search Unclaimed Deposits on UDGAM Portal

For Individuals

  1. Registration: Users must first register by entering their mobile number and name.
  2. Login and Search: Post-registration, users can log in and search by providing details such as the bank’s name (up to five banks), and the account holder’s date of birth, PAN, driving license, voter ID, or passport number.

For Non-Individuals

  1. Data Entry: Non-individuals need to enter the authorized signatory’s name, PAN, Corporate Identification Number (CIN), and date of incorporation.
  2. Bank Selection: After entering the details, users can choose the names of the entity and the bank to start the search.

Types of Deposits/Accounts Covered in UDGAM Portal

The UDGAM portal encompasses a wide range of deposit accounts:

  • Savings, current, fixed, and term deposit accounts
  • Loan accounts (post-clearance of dues)
  • Margin money against letters of credit
  • Various transitory accounts including telegraphic transfers, demand drafts, and pay orders
  • Unreconciled credit balances from ATM transactions

How to View Deposit-Related Information

To access information about unclaimed deposits:

  1. Website Login: Users need to log into the UDGAM website.
  2. Account Creation: Follow the prompts to create an account by entering the necessary personal information and agreeing to the terms and conditions.
  3. Deposit Search: Once logged in, users can utilize the search features to explore available unclaimed deposits across the listed banks.

In conclusion, the RBI Udgam Portal is a pivotal resource for reclaiming unclaimed deposits, offering a streamlined, secure, and efficient way to manage financial recoveries. Whether you are an individual or a part of a larger entity, the UDGAM Portal provides a crucial bridge to accessing dormant funds, thereby enhancing financial inclusivity across the nation

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *