RBI will get your old stuck money
If your grandparents or parents have an old bank account in any one or more of these 30 banks. An account where there have been no transactions for years, or one that is linked to a government subsidy but has not been accessed for a long time. Or if your family’s money is stuck somewhere in the bank account, then now you can use it to claim it. A service of Reserve Bank of India (RBI) can help you in this.
RBI has started ‘Udgam Portal’ to return the ‘unclaimed amount’ lying in banks. It has been named ‘Unclaimed Deposits Gateway to Access Information’ (Udgam). By registering on this portal, you can get back the old stuck money.
Money of these 30 banks will be available on Udgam portal
RBI informed on Tuesday that till now 30 banks have been linked to the Udgam portal. These not only include government banks like SBI, Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank, but also private banks like HDFC Bank, Axis Bank, ICICI Bank, HSBC Bank and Standard Chartered.
With the help of online portal Udgam, registered people will get information about their or their family’s unclaimed amount in different bank accounts at one place. This will make it easier for them to claim this unclaimed money from one place. At present, the deposits which remain unclaimed in banks are deposited by RBI in the fund created for Depositors Education and Awareness. This information will be available at one place on the Udgam portal.
90% of the stuck money will be recovered
The Central Bank has said that till March 4, 30 banks have joined the Udgam portal. Rest of the banks will also be connected to this portal soon. About 90 percent of the total unclaimed deposits are deposited with these 30 banks. To register on Udgam portal, it is mandatory for users to register by entering their name, mobile number etc. A total amount of Rs 42,270 crore is lying unclaimed in different banks of the country till March 2023.