The Reserve Bank of India’s UDGAM portal helps individuals and businesses search for unclaimed deposits across 30 banks. Funds are classified as unclaimed after 10 years of inactivity or non-withdrawal post-maturity. Users can track these forgotten accounts and initiate claim processes directly with the respective financial institutions.
What Happened
The Reserve Bank of India (RBI) continues to operate the UDGAM (Unclaimed Deposits Gateway) portal, a centralized platform designed to help depositors and legal heirs locate forgotten funds. These are accounts or financial instruments that have remained inactive or unclaimed for a decade. The portal currently centralizes data from 30 participating banks, providing a single search point for individuals and corporate entities to identify if they have dormant assets sitting in the banking system.
Understanding Unclaimed Deposits
Under official RBI guidelines, funds move into the 'unclaimed' category once they meet specific criteria. For savings and current accounts, this status is triggered if there have been no customer-initiated transactions for 10 years. For fixed deposits, recurring deposits, and other time-bound instruments, the 10-year clock begins after the maturity date. This classification also extends to pending demand drafts, pay orders, and certain electronic transaction credits that were never settled by the account holder.
How the Portal Works
The UDGAM portal acts as a search engine for bank accounts. Users must register on the platform using a mobile number to access the search function. The search requires the account holder's name and the selection of specific banks. To refine results, users can input identification markers such as PAN, passport numbers, voter IDs, driving licenses, or dates of birth. If specific identification documents are unavailable, searching by the account holder's address is also an option. For businesses, the portal accepts searches based on entity names, Corporate Identification Numbers (CIN), or details of authorized signatories.
The Claim Process
The UDGAM portal is a search facility, not a direct withdrawal platform. Once a user identifies a potential unclaimed deposit, they must contact the specific bank holding the funds. The bank will then initiate a formal claim process. Claimants, including legal heirs, must submit documentation to verify their identity and legal right to the money. Once the bank verifies these details, the funds are released to the rightful owner. Because this process involves sensitive financial data and identity verification, it is conducted entirely through the bank's established legal and compliance protocols.
What Investors Should Track
For those managing family finances or corporate treasury accounts, the primary monitorable is regular auditing of long-term deposits. Investors should track whether their legacy accounts, especially those held by older family members or entities, have been appropriately updated with KYC (Know Your Customer) details to prevent them from becoming dormant. If a search on UDGAM yields a result, the next step is to ensure that the necessary legal documentation, such as succession certificates or updated ID proofs, is ready before approaching the bank to avoid delays in the claim process.