RBI launched the UDGAM portal yesterday to tackle the issue of unclaimed deposits in India. In short, this portal makes it very easy for regular folks like us to find and get back our forgotten cash from different banks.
Here’s the thing: If no one claims these unclaimed funds, they are transferred to the RBI’s “Depositor Education and Awareness Fund.” The DEA fund received a huge transfer of unclaimed deposits as of March 2023, totaling Rs 42,272 crore. Just consider the amount of money that is awaiting its return to its rightful owners.
If you can’t recall the accounts where your money has been sitting and you’ve completely forgotten about it. Or the FDs of family members that have been kept for a long time and haven’t been tracked. You need to definitely check out this portal: UDGAM
It currently serves 7 banks: State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, DBS Bank, Dhanlaxmi Bank, South Indian Bank, and Citi Bank. They plan to add more banks to the list by October 15th, 2023, and to run it fully.
Also, make sure to check out this thread on Varsity for more information:
https://twitter.com/ZerodhaVarsity/status/1692426506952421811?s=20