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Locate Forgotten Cash

UDGAM

This new web portal by RBI will make this possible.

Imagine this: You’re from the village of Madampatti in India. During your undergraduate years in a college in Chennai, you opened a bank account there. Three years later, you graduated with a degree in Mechanical Engineering – you’re officially an engineer. But you’re not content to stop there. You set your sights on a master’s degree, debating between the USA and Germany. You ultimately choose the USA, perhaps for its distance from India, or maybe there’s another reason altogether.

You use the bank account you opened in Chennai to pay your fees and initiate initial fund transfers to your US account. Fast forward, you’re thriving in the US, completing your master’s, and securing a six-figure job. Life seems good. You return to India after 5 years, effortlessly using your American Express card for transactions. It’s a lifestyle of luxury.

Another 5 years pass, and you’re back in Madampatti. To your dismay, your fancy American card fails to work at a local salon.

At this moment, you remember the bank account you opened 12 years ago in India. However, what you didn’t know is that your account no longer exists; your funds have been transferred to the Depositor Awareness and Education Fund, rendering them unclaimed deposits.

So, what are unclaimed deposits exactly? They encompass term deposits unclaimed for 10 years after maturity or savings or current accounts that are inactive for more than 10 years. UDGAM helps identify these dormant accounts and deposits, enabling rightful owners to reactivate their accounts or claim their funds.

UDGAM, the “Unclaimed Deposits – Gateway to Access Information” is a web portal, created by the Reserve Bank of India (RBI), that serves as a mechanism to restore unclaimed deposits to their rightful owners.

Curious about registering with UDGAM?

It’s a simple process. Just follow the link provided below

https://udgam.rbi.org.in/unclaimed-deposits/#/login

-by Jayapratha Kannan.

 

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