The Reserve Bank of India’s UDGAM portal offers a new way for individuals to identify and claim forgotten money from old bank accounts across participating banks, highlighting the increasing significance of unclaimed deposits in the financial landscape.
The Reserve Bank of India’s UDGAM portal is designed to help people find forgotten money sitting in old bank accounts, including balances they may have lost track of after changing jobs or switching banks. In many cases, such accounts remain dormant for years with only a small amount left behind, but that does not mean the money is gone. According to reporting on the portal, it gives users a single place to search for unclaimed deposits across participating banks.
UDGAM stands for “Unclaimed Deposits-Gateway to Access Information”, and it is a search tool rather than a payment system. That distinction matters: the portal can tell a user whether unclaimed funds may exist, but it does not move the money into a customer’s account. Instead, once a match is found, the claim must be completed through the relevant bank’s own process. Reports on the portal say it covers 30 banks and asks users to register with a mobile number before searching by depositor name and identification details.
To use the service, a user typically enters basic personal information such as a name, date of birth and an identity document number, then reviews any results linked to those details. If the portal shows a possible match, the user is given a reference number that can be used when approaching the bank. From there, the bank verifies the claimant’s identity and checks the supporting paperwork before releasing the money into an active account or paying it out under its rules.
The documents commonly needed include Aadhaar, PAN, proof of identity and address, passbook details and old account information. If a family member is claiming funds from a deceased relative’s account, legal papers may also be required. The key point, as multiple reports on UDGAM note, is that the portal is only a discovery tool; the actual claim still has to be settled directly with the bank.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
