The United Indian
The United Indian

RBI Launches UDGAM Portal to Help People Claim Rs. 35,000 Crore in Unclaimed Deposits


Finding Hidden Treasures

Aug 21, 2023

A colossal sum of Rs 35,000 crore lies dormant as unclaimed bank deposits, abandoned for numerous years. To assist individuals in reclaiming their forgotten funds, the Reserve Bank of India (RBI), India's central bank, has introduced the UDGAM (Unclaimed Deposits: Gateway to Access Information) centralized web platform.

This move wasn't abrupt; the RBI had disclosed its intention to launch the portal back in April of this year. The UDGAM portal, as detailed in the RBI's recent press release dated August 17th, facilitates the public in tracking down unclaimed deposits.


The debut of this web portal is set to guide users in identifying unclaimed deposits and accounts, allowing them to either retrieve the deposit funds or reactivate their dormant accounts within their respective banks. The collaborative effort of Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks brought the portal to fruition.


As per the RBI's records, as of February 2023, unclaimed deposits worth Rs 35,000 crore were on the books. These sums had been transferred to the RBI by public sector banks (PSBs) earlier this year.

Unclaimed deposits are defined by the RBI as balances in savings or current accounts that haven't been utilized for a decade or term deposits left unclaimed for ten years from their maturity date.


Unclaimed Deposits: Gateway to Access Information


This platform serves as a tool for users to spot their dormant deposit accounts, offering them the choice to either claim these funds or restore account activity at their respective banks. The portal's development has been a collaboration among Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.


Banks forward these unclaimed sums to the "Depositor Education and Awareness" Fund (DEAF), which the Reserve Bank of India oversees.


The current selection of banks made available by the RBI caters to individual users, including notable institutions like SBI, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, and DBS Bank India. Additionally, Citibank is the sole option for non-individual entities on the portal. However, it's important to note that more banks are scheduled to be incorporated into the portal's offerings by October 15, 2023. For seamless access, users can employ the dedicated RBI Udgam Portal Login Link:


UDGAM Portal

The UDGAM Portal Registration process streamlines the management of unclaimed deposits across multiple banks for both individuals and non-individuals. To initiate the registration process, follow these simple steps:


  • Visit the UDGAM RBI Portal at
  • Provide your name and mobile number.
  • Create a secure password and enter the displayed code.
  • Agree to the terms and proceed by clicking “Next”.
  • Enter the One-Time Password (OTP) sent to your phone to verify.


To check for unclaimed deposits on the UDGAM Portal, follow these steps:


  • Log in to your account at
  • Click “Search” to begin the search for unclaimed deposits linked to your account.
  • If unclaimed deposits are located, the portal will exhibit pertinent details such as the bank name and deposit amount.
  • Based on the outcomes, you can opt to claim the deposit amount or follow the portal’s instructions.
  • If no unclaimed deposits are detected, the portal will indicate so.


UDGAM Portal

In conclusion, the RBI's UDGAM Portal emerges as a valuable instrument for individuals and non-individuals to conveniently locate and reclaim their unclaimed deposits from various banks. Designed with a user-friendly interface and a centralized approach, the portal endeavors to ensure that rightful owners can effortlessly access their funds, thereby promoting financial awareness and empowerment.


Read more in Economy

The United Indian