There are now 30 banks on the UDGAM portal developed by the RBI for unclaimed deposits.
Key Highlights
- 23 banks have joined the UDGAM portal, taking the total number of banks on the portal to 30.
- The unclaimed deposits on the portal are now 90% of the total such deposits in value terms.
- Rise in deposits not claimed due to non-closure of bank accounts, among other reasons.
The Reserve Bank of India on Thursday informed the public that the Unclaimed Deposits – Gateway to Access inforMation (UDGAM) portal now hosts 30 banks for customers to check their unclaimed deposits in various banks.
In a press release, the central bank said that a search facility for additional 23 banks was made available to the public from 28th September onwards, taking the total banks on the UDGAM portal to 30.
The Central bank also revealed that with the addition of more banks, the searchability of unclaimed deposits available on the portal was 90% of unclaimed deposits in the Depositor Education and Awareness (DEA) Fund in value terms.
The UDGAM portal was developed by the RBI to facilitate customers to search for their unclaimed deposits across various banks at one place, given the rising trend in unclaimed despots.
The portal had 7 Banks when launched, ie. the State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank N.A.
The RBI had then intimated to the public that more banks would be made available on the portal in a phased manner by October 15, 2023.
The 30 banks now available on the UDGAM portal are-
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- Central Bank of India
- Dhanlaxmi Bank Ltd.
- South Indian Bank Ltd.
- DBS Bank India Ltd.
- Citibank N.A.
- Canara Bank
- Bank of India
- Bank of Baroda
- Indian Bank
- Union Bank of India
- HDFC Bank
- Federal Bank
- Kotak Mahindra Bank
- ICICI Bank
- UCO Bank
- Bank of Maharashtra
- IDBI Bank
- Jammu and Kashmir Bank Ltd.
- Punjab and Sind Bank
- Axis Bank Ltd.
- Indian Overseas Bank
- Standard Chartered Bank
- HSBC Ltd.
- Karnataka Bank Ltd.
- The Karur Vysya Bank Ltd.
- Saraswat Co-operative Bank
- IndusInd Bank Ltd.
- Tamilnad Mercantile Bank Ltd.
What are Unclaimed Deposits?
Unclaimed deposits are balances in either the Savings accounts or Current Accounts not operated in the past 10 years. These also include term deposits like Fixed Deposits (FDs) that have matured but have not been claimed by the customer for 10 years since maturity.
Unclaimed deposits are transferred by the banks to the RBI’s Depositor Education and Awareness (DEA) Fund.
However, the central bank allows depositors to claim their unclaimed deposits along with the applicable interest.
Such deposits have been rising in volume due to the non-closure of bank accounts and nominees of deceased persons not coming forth to claim the deposits among other factors, prompting the regulator to launch the UDGAM portal for efficient access to information about Unclaimed deposits of a depositor lying in various banks.
