RBI UDGAM portal: Is your or anyone you know’s old money stuck in banks…? If there is anything like this then now you can withdraw this money easily. This information has been given by the Reserve Bank. Many times it happens that our grandparents or anyone else has an old account, but due to lack of transactions for years or due to some other reasons, the customer is not able to withdraw the money lying in it.

Now a portal has been introduced by the Reserve Bank, through which you can withdraw money from old unclaimed deposits. A list of 30 banks has been released by RBI, from which you can withdraw money.

Origin portal launched

The Reserve Bank has said that 30 banks are providing the facility to people to withdraw money from their unclaimed deposits through the UDGAM portal. At present, 30 banks have been included in it, soon RBI will also include other banks in this portal.

Why has the name UDGAM been kept?

It has been named ‘Unclaimed Deposits Gateway to Access Information’ (UDGAM). By registering on this portal, you can get back the old stuck money. Through its portal, you will get the facility to find unclaimed deposits and accounts in many banks at one place.

Which banks’ names are included in the list?

Reserve Bank has said that so far about 30 banks have been linked to the Udgam portal. These include government banks like SBI, Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank. Along with this, if we talk about private banks, names of many banks including HDFC Bank, Axis Bank, ICICI Bank, HSBC Bank and Standard Chartered are included.

Unclaimed deposits of Rs 42,270 crore

The Central Bank has said that till March 4, 30 banks have been added to this portal. The remaining banks will also be added soon. About 90 percent of the total unclaimed deposits are deposited with these 30 banks. You can register on this. For this you will have to enter your personal details. A total amount of Rs 42,270 crore is lying unclaimed in different banks of the country till March 2023.

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RBI has asked banks to trace the customers or their nominees or legal heirs of accounts with inoperative accounts and unclaimed deposits and either reactivate the account or settle the claim. The bank has also said that such accounts should be reviewed at regular intervals, because there is a risk of fraud in such accounts. These new rules will come into effect from April 1, 2024.

How will customers benefit?

Reserve Bank has issued a new rule on non-operative or closed bank accounts, let us know how this can benefit the customers.

According to RBI guidelines, banks will always have to keep paying interest on inactive savings accounts.

– Minimum balance penalty will not be imposed on inactive bank accounts.

Even if there is zero balance in government scheme accounts, they will not be considered inactive.

RBI gave instructions to banks

– Owners of inactive accounts should be found by sending e-mail, SMS.

– KYC should be easy, the account should be started again as soon as KYC is done in the inactive account.

The bank should not charge the customer for re-opening the account.

The bank will have to activate the accounts within three days of receiving the application.

– Alert should be sent to the customers that if the transaction is not done then the account will be deactivated.

– After re-activation of inactive accounts, they should be monitored for 6 months.

– Banks will put a system for searching unclaimed deposits on their website.

– Banks will not be able to withdraw money from inactive savings accounts.

– Information about inactive accounts and unclaimed deposits will have to be kept safe.

Let us tell you that there is a rule that in any bank, in any deposit account in which no operation has been done for 10 years or more, or there is unclaimed deposit lying in the account for this period of 10 years or more, then this deposit The bank should send it to the Depositor Education and Awareness Fund, which is run by RBI.

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This campaign will help the central bank’s efforts to reduce unclaimed deposits. RBI wants that the unclaimed deposits lying in the banks should be traced and handed over to their rightful claimants. If there is no activity in a bank account for 10 years or more, then the money deposited in it is considered as unclaimed deposit.

Reason for unclaimed deposit

Banks transfer unclaimed deposits to the Depositor Education and Awareness (DEA) Fund, which is maintained by the RBI. Depositors have the right to claim the money deposited in their account even later. RBI believes that the reason for the increase in the volume of unclaimed deposits is that people do not close their savings / current accounts. In many cases, this money belongs to depositors who have passed away. In such cases the nominee or legal heir does not come forward to claim the money.

How much money in unclaimed deposit

In a written reply to a question in the Lok Sabha, Minister of State for Finance Bhagwat Karad told about unclaimed deposits of banks. He had said that till February 2023, there were unclaimed deposits of Rs 35,012 crore in public sector banks (PSU Banks). State Bank of India has the highest number of unclaimed deposits. This is around Rs 8,086 crore. Punjab National Bank is on the second position. PNB has unclaimed deposits of Rs 5,340 crore. 4,558 crore in Canara Bank and Rs 3,904 crore in Bank of Baroda.

Can find out like this

Every bank will have to give details of unclaimed accounts on its website. In this, such details will also have to be given, with the help of which it can be easy to identify such account holder. Customers can visit the bank branch after checking the details on the bank’s website. There the formalities related to Know Your Customer have to be completed along with the claim form.

Centralized web portal will help

Apart from this campaign, RBI has also said that it will create a centralized web portal. People will be able to get information about unclaimed deposits of different banks on this. Search results will be improved with the help of Artificial Intelligence (AI). With this, people will get information about their money, which they are not aware of.

Right now people have to visit the website of different banks to find out about it. From the new web portal, people will get information about all unclaimed bank deposits in one click. Sanchit Garg, co-founder and CEO of GLC Wealth Advisors LLP, said that this effort of RBI can prove to be very helpful in settling the cases of unclaimed deposits.

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