The data revealed in the Parliament on Dec 19 showed that the total unclaimed deposits with banks amount to ₹42,270 crore in fiscal 2023, 28 percent higher than the last year data.
A substantial portion of this amount (i.e., ₹36,185 crore) is with public sector banks, while the remaining ₹6,087 crore lies with the private sector counterparts.
For those depositors whose money is tied to one or more financial institutions as an unclaimed deposit can look for the same on RBI’s Udgam (Unclaimed Deposits Gateway to Access Information) portal.
How does the deposit become unclaimed?
At the outset, one should first understand how a deposit becomes unclaimed. The Reserve Bank of India (RBI) rules stipulate that balance in any savings or current account which has not been operated for 10 years, and the fixed deposits which crossed the date of maturity more than 10 years ago are transferred to the ‘Depositor Education and Awareness’ Fund by the respective bank.
However, one must understand that the unclaimed deposit can still be claimed by the depositor by approaching the bank.
But s/he must first look for the amount of unclaimed deposit on Udgam portal.
What is Udgam portal?
The Udgam portal is a website where depositors can view information relating to their unclaimed deposits. It was created in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and collaborating institutions.
Earlier details of seven banks were uploaded on this platform, but has now expanded to 30 banks with effect from Sept 28, 2023.
How to view info relating to deposits
You should follow these steps to look for information relating to unclaimed deposits:
1. First of all, you need to log in to the website.
2. You now need to register on the portal. The registration process requires the depositor’s details such as mobile number, first name, last name, password and captcha.
3. After entering these details, you need to tick the two boxes underneath agreeing to the disclaimer and privacy policy, and also declaring that the portal’s usage is for legitimate purposes.
4. Once the registration process is completed, you can log in with the details provided above and search for the unclaimed deposits in any of the 30 banks whose details are collated in this portal.
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Published: 20 Dec 2023, 04:58 PM IST