Unclaimed deposits in banks are continuously increasing. Within a year, the amount of unclaimed deposits has increased by 28% to Rs 42,270 crore. There is no claimant for such a huge amount.
Your money may also be involved in this. We will explain in detail how you can find out this and get your money back, but first know the whole matter.
Money lying in government and private banks
In fact, during the ongoing winter session of Parliament, Minister of State for Finance Bhagwat Karad has given information about unclaimed deposits in the Rajya Sabha. He said that the amount of unclaimed deposits has increased by 28%. By March 2022, this amount was Rs 32,934 crore, which has increased to Rs 42,270 crore by March 2023. Out of the unclaimed amount of Rs 42,270 crore, Rs 36,185 crore is lying in government banks, while Rs 6087 crore is lying in private banks.
The Union Minister said that RBI is continuously taking steps to reduce unclaimed deposits. RBI is working to identify the right person and return his money to him.
What is unclaimed deposit?
If no one makes any claim on the money deposited in banks for 10 years or more, then it is considered as unclaimed deposit i.e. unclaimed amount.
Gurugram based CA Amit Kumar, an expert in banking matters, says, ‘Suppose you have an account in a bank, money is deposited in it and you forget about it. In such a situation, if there is no transaction, the account may be frozen and after 10 years or more, the amount deposited in the account will be called unclaimed deposit.
He said, ‘If the amount deposited in any fixed deposit scheme, FD or other schemes is forgotten for 10 years or more, then this will also be considered as unclaimed deposit. Banks send such unclaimed amount to the Depositor Education and Awareness (DEA) Fund of the Reserve Bank of India (RBI).
Centralized web portal of RBI
Central bank RBI has launched a centralized web portal in August this year to find unclaimed deposits. The name of this portal is Udgam (Unclaimed Deposits – Gateway to Access information).
This portal has been launched to make it easier to search for unclaimed deposits in multiple banks on a single platform. Through this portal it has become easy to trace the owner of unclaimed money lying in banks. You can also find out the unclaimed deposits lying in any bank in your name.
About UDGAM Portal
- While talking about development and regulatory policy on April 6, 2023, RBI had announced the creation of a centralized web portal to search for unclaimed deposits.
- Banks publish a list of unclaimed deposits on their websites. But to improve and broaden the access of depositors and beneficiaries to such data, RBI launched the UDGAM portal.
- This portal will help in finding unclaimed deposits at one place. Customers will be able to easily find out about the unclaimed deposits lying in many banks.
- Reserve Bank of India Information Technology Private Limited (ReBIT), Indian Institute of Financial Technology and Allied Services (IFTAS) and other banks involved have collaborated in developing the portal.
How to find unclaimed deposits?
- To go to RBI’s UDGAM portal, you have to go to https://udgam.rbi.org.in/.
- Here the option of login and register is given on the home page. You will have to register here for the first time, you can log in later.
- Click on Log-in using your mobile number and password. An OTP will be sent to your registered mobile number.
- The page that opens after entering the OTP will have a form. Here you will be asked to enter the name of the account holder and the name of the bank.
- You have to enter any one of the 5 inputs like PAN number, Voter ID number, Driving License or Date of Birth.
- If there is any unclaimed deposit in your name, it will show in the search results. If not, the result will not be shown.
Will be able to find out the amount deposited in these 30 banks
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- Central Bank of India
- Dhanlaxmi Bank Limited
- South Indian Bank Limited
- DBS Bank India Limited (DBS Bank)
- Citibank
- Canara Bank
- Bank of India
- Bank of Baroda
- Indian Bank
- Union Bank of India
- HDFC Bank
- Federal Bank
- Kotak Mahindra Bank
- ICICI Bank
- UCO Bank
- Bank of Maharashtra
- IDBI Bank
- Jammu and Kashmir Bank Ltd.
- Punjab and Sindh Bank
- Axis Bank
- Indian Overseas Bank
- Standard Chartered Bank
- HSBC Bank (HSBC Ltd.)
- Karnataka Bank Ltd.
- The Karur Vysya Bank Ltd.
- Saraswat Co-operative Bank
- IndusInd Bank Limited
- Tamilnad Mercantile Bank Limited
₹1,432 crore was returned in 100 days
- RBI had directed banks to return the money by running a campaign under the ‘100 Days 100 Pays’ initiative. From June 1, 2023, to September 8, 2023, every bank in every district was asked to settle 100 unclaimed deposits. Under this campaign, about 31 major banks had found the claimants and returned about Rs 1,432.68 crore.
- The Union Minister of State for Finance said, ‘Banks have been instructed to release the list so that people can get information about their unclaimed deposits.’
