UDGAM portal

Key Highlights:

• The UDGAM portal helps users locate their unclaimed deposits in banks.
• Users can search using the account holder's name, bank name, PAN, and date of birth.
• Unclaimed deposits must be claimed directly from the respective bank.
• A list of banks participating in UDGAM is available on the portal.

Detailed Insights:

• UDGAM (Unclaimed Deposits Gateway to Access Information) is a web portal created by the Reserve Bank of India (RBI) to ease the process of searching for unclaimed deposits across multiple banks.
• Unclaimed deposits are funds lying in accounts that have been inactive for 10 years or more.
• The RBI has been encouraging banks to proactively identify and contact depositors or their legal heirs to settle unclaimed deposits.
• The portal does not facilitate the claiming of deposits; it only provides information on where unclaimed deposits are held.

Key Concepts Involved:

• Unclaimed Deposits: Funds in bank accounts that have been inactive for 10 or more years.
• RBI (Reserve Bank of India): India's central bank, responsible for regulating the banking system.
• UDGAM (Unclaimed Deposits Gateway to Access Information): Online portal to search for unclaimed deposits across banks.