- RBI has introduced an innovative centralized platform called UDGAM (Unclaimed Deposits – Gateway to Access Information). It allows you to explore unclaimed deposits across various Indian banks through a unified interface. Its primary objective is to centralise data from different banks, which will make it easier for individuals to search and retrieve their forgotten deposits.
- PSUs have transferred over Rs 35,000 crore to the RBI. To facilitate the rightful heirs’ access to these unclaimed assets, the RBI has launched UDGAM, which will be fully operational from October 16, 2023.
A key fact: If an account or deposit remains dormant for over 2 years without any transactions, it’s considered inoperative. The bank is obligated to reach out to the account holder via email, phone, SMS, and mail to address this status. However, should the account or deposit witness no activity (such as deposits or withdrawals) for 10 years or more, it’s categorized as an Unclaimed Deposit.
Initial hiccups will be there but gradually it will make searching (most of us are just clueless or would have never thought on this line) and claiming unclaimed deposits a lot easier.
