How to check & claim unclaimed bank deposits through RBI’s UDGAM portal; a step-by-step guide

The Reserve Bank of India (RBI) has launched the UDGAM portal to assistance individuals find and assertion immoderate unclaimed funds successful slope accounts. If you fishy that a comparative oregon household subordinate has unclaimed wealth successful a slope account, you tin present easy cheque and retrieve it utilizing this portal.

What is Unclaimed Money?

When nary transaction is made from a slope relationship for implicit 10 years, the funds successful savings, existent accounts, fixed deposits (FD), oregon recurring deposits (RD) are classified arsenic unclaimed. These unclaimed amounts are transferred to the Depositor Education and Awareness (DEA) Fund, which is managed by the RBI and invested successful authorities securities. However, the bully quality is that the wealth tin inactive beryllium claimed back.

Why Do Funds Become Unclaimed?

According to RBI, unclaimed funds usually originate erstwhile relationship holders walk distant without appointing a nominee, leaving nary 1 to assertion the funds. In different cases, radical whitethorn unfastened accounts but neglect to usage oregon adjacent them, leaving the wealth unclaimed. Additionally, funds successful matured FDs, RDs, oregon different savings accounts that are not claimed wrong the owed play besides go unclaimed.

How to Check Unclaimed Deposits via UDGAM Portal

To cheque if you oregon your household person unclaimed money, sojourn the UDGAM portal astatine udgam.rbi.org.in. Here's how:

• Register connected the UDGAM portal nether the unclaimed magnitude section.
• Log successful utilizing your mobile number, password, and captcha.
• Enter the relationship holder’s name, relationship number, and slope name.
• Provide details similar PAN, elector ID, driving license, oregon passport number.
• Click the hunt button.

If unclaimed funds are found, the details volition look connected your screen, and you tin interaction the respective slope to reclaim the amount. Even if the funds person been transferred to the DEA Fund, the RBI allows you to retreat them.

Steps to Avoid Unclaimed Funds:

• Always adhd a nominee to immoderate concern oregon account.
• Share your fiscal accusation with your household members.
• Regularly update KYC details successful your bank.
• Close unnecessary slope accounts.
• Keep important documents, similar FD slips, unafraid and pass your household astir them.

The UDGAM portal simplifies the process of uncovering and claiming unclaimed funds, ensuring that your oregon your loved ones' wealth doesn’t spell unclaimed.