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  • Category: Miscellaneous
    Points:10

    Know about the UDGAM portal launched by the RBI

    At the outset, I must admit that I don't know whether this post will be considered educational, or not. But I feel that this important information must be shared with all members. So, I am writing this post.

    India has Rs. 35000 crores as unclaimed bank deposits. Government and RBI are trying to find the rightful owners of this huge amount. For this purpose, RBI has launched the UDGAM portal where a person can find his/her unclaimed deposits.

    After registering, a person gets access to the portal by logging in using his/her phone number and a password. Then, the person is required to mention the account holder's name along with one of the five requested search criteria. The portal will then display whether he/she has an unclaimed deposit, or not.

    At present, people can access information about their unclaimed deposits for seven banks via the portal. These banks are: State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India and Citibank N.A. The search facility for remaining banks on the portal will be made available later in a phased manner.

    In this connection, it is further clarified that the term "Unclaimed Deposits" refers to funds held in savings or current accounts which have remained inactive for a duration of 10 years, or in the case of fixed deposits (FDs) have not been withdrawn within ten years from the maturity date.

    Those who think/feel that they or their relatives (living or deceased) may have unclaimed deposits in these seven banks, can check using this UDGAM portal of RBI.
  • #774626

    Points:3
    It is another series posted by the author to make the depositors aware of the steps to be taken up in the event of their failures to withdraw the blocked amount with the UDGAM portal as suggested by him. It could be especially beneficial for them and their relatives who might have deposits and they fail to get them recovered from the banks for some reason or the other. This is an important information released from his side for the benefits of all the falling into such categories.

  • #774629

      

    Points:5
    Partha,

    It is ok to post such useful information even if not focusing on the academic niche.

    In the case of bank accounts, it is possible that people moved away from their place of residence and decided that perhaps it would be best not to close the account, and then, over the years, just let the minimum balance pe lie in the account. What I think is more than bank accounts, people are more likely to have unclaimed Fixed Deposits. There are people who will have opened FDs, then tucked it away somewhere in a cupboard and forgotten about it.

    What about bank accounts and FDs of deceased people, an aspect that you have mentioned? If family members come to know about it after many years, let's say through some document can they claim the money even if they are not nominees to the account/FD or, let's say, even if not mentioned as beneficiaries in the Will of the deceased person?
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #774630

      

    Points:5
    This the portal if anyone is interested (English and Hindi are currently the languages you can select to register and use the website)- https://udgam.rbi.org.in/unclaimed-deposits/#/login

    As Partha stated, you need to register first with your mobile number. Simply fill in your name and create a password. There are links to the Disclaimer and Privacy Policy which you need to agree to. You will receive an OTP which will enable you to get access to the form where you can enter the name of the account holder and the Bank. Then you can enter any one of the search criteria provided, such as the PAN Card number or date of birth or address, etc (you will see the multiple options when you log in). Then hit the search button and if there is an unclaimed deposit, the next page will take you to the bank. You can even select various bank accounts to search.

    By the way, the acronym UDGAM stands for Unclaimed Deposits - Gateway to Access inforMation. Note that more banks are likely to be added by the end of October this year.
    When you make a commitment, you create hope. When you keep a commitment you create trust! ~ John C. Maxwell

  • #774631

    Points:1
    Vandana Madam has provided comprehensive information about the new portal launched by RBI.

    Further, I would like to add that this portal has been designed to identify and locate unclaimed deposits. Thereafter, if the account-holder is no more in the world, then his/her successor can proceed to get the money kept in the old unused account (FD or Savings/Current) back. as per the standard procedure of the concerned bank.

    In that case, the portal will have no role. This is as per my understanding.
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

  • #774632

    Points:5
    This is a very good step taken by RBI to facilitate the people for digging out the unclaimed deposits. There are many reasons why some deposits remain unclaimed and are just lying in possession of banks or post offices in our country but the main reason is the death of a person who had not appointed a nominee or not informed the nominee about it.
    Many people are very conservative about their money and don't disclose it to anyone. In case of the unfortunate death of such persons everything goes in hidden mode.
    In the earlier times there was no online banking and no digital facilities that such records could be tracked by other person in the family. Many unclaimed deposits belong to that time and have been accumulated over the time making the total unclaimed deposits so big a number.
    This is a nice step by RBI helping the people to realise unclaimed deposits belonging to them or their family members.
    Knowledge is power.

  • #774635

    Points:5
    Thank you, Partha Sir and Vandana Madam, for giving the members helpful information. Many employees who get transferred from place to place may have some back accounts unclosed in some places. I think for them this is very useful.
    A good step taken by RBI. Small amounts collected together will become big amounts. That is how I think 35000 crores of unclaimed deposits accumulated. Anyhow when we don't have Aadhar and PAN cards, we have opened bank accounts with some different address proof. Now how to retrieve such accounts? Probably I will get an answer to my question once I go to that site and get my name registered there I think. If our forefathers were having any unclaimed deposits in banks we can claim them by showing our legal hire certificate I think. But we may have to go to the branch in which that account was there and follow the standard procedure to claim that money.
    Some people will definitely get some benefits because of this initiative.
    drrao
    always confident

  • #774636

    Points:1
    Dr. Rao Sir: I have already stated in my subsequent response that the portal is to find out erstwhile unidentified 'goldmine' (untraceable/unclaimed old account). If such an account is traced by the successor, he/she will have to approach the concerned branch of the bank with death certificate of the deceased account-holder and other documents for claiming the amount. This portal won't have any role in this regard.
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

  • #774647

    Points:4
    UDGAM is a great initiative regarding unclaimed bank deposits. Unclaimed deposits are a kind of burden to the banks. They have to maintain the records of such unclaimed accounts. Banks cannot write it off just like how they write off irrecoverable loans.

    Government should also start an initiative to withdraw the unclaimed EPF money. EPF withdrawal is a cumbersome process. Even if a person is alive, it is very difficult to claim the EPF money as it is linked with the companies for which he/she has worked previously. When the companies are closed or acquired by other companies, we can forget about withdrawing the EPF money as it is almost impossible to take back the EPF money.

  • #774648

    Points:4
    That is true. EPF. Many employees change their jobs during their service and whenever they change a job they have to see that the old amount is brought forward to the new company. Nowadays there is a UID number and even though there is a change in the company the individual's UID will not change. As mentioned by Bhuvan, if any company closed tracing it back is very difficult. I think the government should not insist on the signature of the company person for withdrawing an individual's amount after retirement.
    drrao
    always confident

  • #774650

    Points:4
    This would although be diverting from the objective of the main thread, but I would like to clarify here that for withdrawal of EPF through EPF web portal, the employee only once needs to get the details verified or endorsed by the company and once it is verified or endorsed, we would not be requiring any involvement of any other entity other than the employee and the EPF office.

    I personally faced issues when I joined the other company when the PPF account details could not get verified or endorsed by the company I was working with earlier.

    By the way, a good thread by the author as usual. The sad thing is I checked the portal but could not find the amount that may have been lost with the unclaimed deposits. Now I am waiting for some more banks to get included here.

  • #774657

    Points:1
    I thank Bhuvan Sir, Dr. Rao Sir and Ved Prakash Sir for their valuable comments. So far as EPF is concerned, the issue must be discussed in a separate thread as stated by Ved Prakash Sir. Only this much I would say that many employees in the private sector are also responsible for not tracking their own EPF Account. I have seen they don't transfer their old EPF Account when they leave their previous job and join new organization. This creates more difficulty for them at later stage.

    So far as UDGAM portal is concerned, it will be more helpful to people when more banks will come under its aegis in October 2023 onward.
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali

  • #774659

    Points:2
    That is true. EPF problems are self-created. Now with UID numbers, every member can open their mobile app and regularly monitor it.
    I have some accounts in Andhra Bank which have a few hundred in those accounts. But I am not able to see that Bank name in the list. As mentioned by the author if some more banks are included the usefulness of the initiative will enhance.
    drrao
    always confident

  • #774660

    Points:1
    Those who will check the portal, must remember the definition of 'Unclaimed Deposits' in India. As already stated in the main post, the term "Unclaimed Deposits" refers to funds held in savings or current accounts which have remained inactive for a duration of 10 years, or in the case of Fixed Deposits (FDs) have not been withdrawn within ten years from the maturity date.
    (a) Those who have forgotten Noakhali, how can they protest Sandeshkhali?
    (b) Have no fear of perfection - you'll never reach it. ---------- Salvador Dali


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