The Reserve Bank of India (RBI) has launched the UDGAM portal to help individuals find and claim unclaimed funds in their bank accounts. If you suspect that a relative or family member has unclaimed money in their bank account, you can easily check and retrieve it using this portal.
What is unclaimed money?
Funds in a savings account, current account, fixed deposit (FD) or fixed deposit (RD) are classified as unclaimed if there is no transaction from the bank account for more than 10 years. These unclaimed amounts are transferred to the Depositors Education and Enlightenment (DEA) Fund, which is managed by the RBI and invested in government securities. However, the good news is that that money can still be refunded.
Why are my funds no longer claimed?
According to the RBI, unclaimed funds typically arise when an account holder dies without naming a nominee and there is no one to claim the funds. You may also open an account but fail to use or close it, leaving your money unclaimed. Further, funds in maturing FD, RD or other savings accounts that are not claimed on time will also become unclaimed.
How to check unclaimed deposits via UDGAM portal
To check if you or your family has unclaimed money, visit the UDGAM portal (udgam.rbi.org.in). Here’s how:
Register in the Unclaimed Amounts section of the UDGAM portal. Log in using your mobile number, password and captcha. Enter the account holder’s name, account number, and bank name. Enter the details like PAN, Voter ID, Driving License, Passport number, etc. Click the search button.
If any unclaimed funds are found, the details will be displayed on the screen and you can contact the respective banks to get the amount back. Even if the funds are transferred to the DEA fund, the RBI allows for withdrawal.
Steps to avoid unclaimed funds:
Be sure to add candidates to your investments or accounts. Share your financial information with your family. Update your bank’s KYC details regularly. Close unnecessary bank accounts. Please keep important documents such as FD slips carefully and inform your family.
The UDGAM portal simplifies the process of finding and claiming unclaimed funds, ensuring that no money for you or your loved ones remains unclaimed.