RBI Portal Helps Customers Trace Money in Inactive Bank Accounts

Many people stop using old bank accounts after changing jobs, shifting cities or opening new accounts. Over time, these accounts automatically become inactive if no transactions are made for several years. Once an account turns inactive, customers cannot withdraw money or perform banking transactions from it.

However, banking experts clarify that the money inside such accounts does not disappear. The balance remains safe with the bank even after many years. To help customers identify these forgotten deposits, the Reserve Bank of India introduced a special online platform called the UDGAM portal.

The UDGAM portal, which stands for Unclaimed Deposits Gateway to Access Information, allows users to search details related to inactive bank accounts and unclaimed deposits across different banks. Customers can check whether funds are still available in old accounts and access basic information linked to those deposits.

The portal also helps legal heirs identify deposits belonging to deceased family members. In many cases, families are unaware of savings, fixed deposits or unused accounts left behind by relatives. RBI officials believe the portal can reduce such unclaimed financial assets.

According to banking rules, money lying unclaimed in bank accounts for more than ten years is transferred to the Depositor Education and Awareness Fund managed by the RBI. Data released earlier showed that thousands of crores have already been transferred into this fund over the years.

The UDGAM platform provides details such as account holder name, address and last transaction information. It operates under the supervision of the Reserve Bank of India and covers multiple banks through a single search system.

Reports indicate that millions of searches have already been carried out on the portal by customers looking for forgotten deposits and inactive account balances. The issue has also reached the Supreme Court, where discussions are underway about creating a unified system to trace unclaimed money from banks, post offices and insurance policies.

Legal experts argue that families often struggle to find financial information after the death of an account holder. They have suggested a centralized platform that can help legal heirs access all such details in one place.

Financial advisors recommend customers regularly review old bank accounts and update records to avoid accounts becoming inactive. They also advise families to maintain proper nominee details and financial documentation for future convenience.