What are Unclaimed Bank Deposits?
Unclaimed bank deposits refer to balances in savings or current accounts, fixed deposits, or recurring deposits which have not seen any activity for 10 years or more.
With over ₹42,000 crore lying unclaimed across Indian banks (as of March 2023), the need for a unified tracking mechanism became critical. That’s where the Udgam Portal steps in.
What is the Udgam Portal?
The Udgam Portal (Unclaimed Deposits – Gateway to Access Information) was launched by RBI in August 2023 to help individuals and legal heirs search for unclaimed deposits across multiple banks using one platform.
Focus Keyphrase: Unclaimed bank deposits
How Udgam Portal Improves Access to Unclaimed Bank Deposits
As of July 2025, the Minister of State (MoS) for Finance informed Parliament that:
- The platform currently integrates 30 major banks, covering 90%+ of unclaimed balances.
- Several public and private sector banks have also begun integrating AI-based match tools to verify claimants.
Key Features of Udgam Portal
- Single-window Search: Enter PAN, name, or other ID to search across participating banks.
- Mobile-friendly interface: Designed for easy use even on basic smartphones.
- Claim Assistance: Banks provide downloadable claim forms and process info via the portal.
- Secure Access: OTP-based login and data masking ensure safe usage.
How to Search for Unclaimed Bank Deposits: Step-by-Step Guide
- Visit the official RBI Udgam Portal: https://udgam.rbi.org.in
- Login using your mobile number and OTP
- Enter details such as name, PAN, Aadhaar (optional), or bank name
- View search results – If deposits are found, details are shown (partially masked)
- Download forms and submit them to the concerned bank to initiate claim
Legal Framework Behind Udgam Portal
- Section 26 of Banking Regulation Act, 1949 mandates banks to report unclaimed deposits
- RBI Circular – DBR.LEG.BC.95/09.07.005/2014-15, dated May 14, 2015
- DEA Fund Scheme under Section 26A governs transfer of such amounts to RBI
- Rightful claimants retain full ownership—RBI holds funds in trust
Expert View: Don’t Delay If You’re a Nominee or Legal Heir
Even if your name doesn’t appear instantly on Udgam, keep checking periodically. Many banks are uploading data in batches. Also:
- Cross-check old bank passbooks
- Use name variations (e.g. initials, maiden name) while searching
- Nominees can claim without legal heirship certificate if name is registered in bank records
🔎 Pro Tip from Efiletax: Maintain one list of all your accounts, FDs, and bank relationships. Digital estate planning can save your heirs from legal and financial headaches.
FAQs on Unclaimed Bank Deposits
Q1. Is there a deadline to claim unclaimed deposits?
No. There’s no expiry period. The rightful claimant can claim it any time.
Q2. What if I don’t have the account number?
You can still search using your name and PAN or mobile-linked records.
Q3. Can NRIs use Udgam Portal?
Yes, NRIs can search for deposits using Indian credentials. Claim process varies by bank.
Q4. Are cooperative bank deposits included?
Not yet. Udgam currently covers scheduled commercial banks only. Cooperative bank integration is expected in future phases.
Final Thoughts
The Udgam Portal is a game-changer for locating unclaimed bank deposits. It’s simple, secure, and backed by RBI. With over ₹42,000 crore still unclaimed, every Indian should check if a forgotten deposit belongs to them or their family.
👉 Don’t leave money behind. Visit Udgam, search your records, and file a claim.
Want help with filing a bank claim or navigating legal paperwork?
Contact Efiletax — We assist individuals, legal heirs, and nominees in hassle-free documentation, tax filings, and financial recovery.
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Summary
Unclaimed bank deposits over ₹42,000 crore lie idle. Use RBI’s Udgam Portal to search, track, and claim funds across banks. Here’s how it works, steps to follow, and tips for nominees.