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How RBI's New Portal Can Help You Find Your Unclaimed Money?
How RBI's New Portal Can Help You Find Your Unclaimed Money?
The Reserve Bank of India (RBI) has launched a portal to assist individuals in finding their unclaimed money in forgotten fixed deposits and savings accounts. Accounts that have been inactive for a decade are deemed unclaimed. The portal's aim is to streamline identifying and reclaiming these funds.
You might be interested to know that the Reserve Bank of India (RBI) has unveiled a new portal named UDGAM (Unclaimed Deposits - Gateway to Access Information).
You can use this centralized web portal to search your unclaimed deposits across multiple banks. If you have deposits you haven't accessed for a while, this portal might be of great help.
You'll find that the UDGAM portal offers a platform where you can easily search for unclaimed deposits across different banks. Previously, each bank would list unclaimed deposits on their individual websites, but now you have a UDGAM, a centralized place to check.
You should note that "Unclaimed Deposits" refer to funds in savings or current accounts that you haven't accessed for 10 years or term deposits that remain unclaimed even 10 years after their maturity date.
Currently, you can view information about unclaimed deposits from seven banks on the portal, including
-> State Bank of India
-> Punjab National Bank
-> Central Bank of India
-> Dhanlaxmi Bank Ltd.
-> South Indian Bank Ltd.
-> DBS Bank India Ltd.
-> Citibank
By October 15, 2023, you'll be able to search for unclaimed deposits from other banks as well.
You now have a tool that makes it easier to ensure that none of your funds remain unclaimed in any bank.
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