Imagine you find a crumbled torn old letter from your late grandfather.

It says he had invested Rs 50L in a fixed deposit and had 20L in a savings account in……

Just when you were hoping to read the bank name, you see that the paper is torn and this piece of information is missing. What do you do now?

To solve this problem of
a) Not knowing if there’s any unclaimed deposit in the first place or
b) Not having adequate information about the same,
RBI has recently launched UDGAM web portal - Unclaimed Deposits Gateway to Access inforMation.

How can you use this platform?
All you need to do is register on this platform - it’s super easy. Then - Add relevant details. Any one of these: DOB, Voter ID, PAN, Address, Passport No or Driving License of the individual (Eg. your grandfather) Once this is done - the portal will show you unclaimed deposits, if any, under the name of the individual whose details you have added.

What is included in ‘unclaimed deposits’?
Any balance in savings/current accounts or fixed/term deposits which are not operated for a period of 10 years are classified as Unclaimed Deposits by RBI.

How many banks are integrated on the platform?
Currently - you can select and find unclaimed deposits in these 7 banks - 1. SBI 2. Punjab National Bank 3. Central Bank of India 4. Dhanlaxmi Bank. 5. South Indian Bank 6. DBS India and 7. Citi Bank. More banks will be onboarded on the platform from 15th October.

Was this platform really needed?
As per LiveMint, State Bank of India has 8086 crores worth of unclaimed deposits, Punjab National Bank - 5340 crores, Canara Bank - Rs 4558 crores and Bank of Baroda Rs 3904 crores. There’s a lot of unclaimed money lying around - so yes - this is a welcome step by RBI!

I am attaching the link to this portal in the comments below. So open your laptop, give it a try - who knows you might find something in the name of your ascendants too! :)

Source: Financial Express, Livemint

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