Introduction
Many people have old or forgotten bank accounts, fixed deposits, or savings lying untouched for years. Often, these accounts become inactive, and their owners forget about the funds. To help citizens reclaim their unclaimed money easily, the Reserve Bank of India (RBI) launched a dedicated online platform called “UDAA” (Unclaimed Deposits – Access India). This RBI portal simplifies the process of tracking and reclaiming unclaimed or forgotten bank deposits across multiple banks from one place.
What is the RBI UDAA Portal?
The RBI’s UDAA portal is a centralized online platform designed to help individuals locate and recover their unclaimed bank deposits. It connects users with data from several Indian banks and allows them to find dormant accounts or deposits using simple personal details. Earlier, users had to visit multiple bank websites or branches to check for forgotten accounts. With UDAA, everything is unified, making it easier to trace and claim funds that might have been left behind due to account inactivity or customer relocation.
What Are Unclaimed Deposits?
Unclaimed deposits are balances in savings, current, or fixed deposit accounts that have remained inactive for 10 years or more. When there is no customer-initiated transaction during this period, banks transfer these funds to the Depositor Education and Awareness (DEA) Fund maintained by the RBI. However, the original account holder or their legal heirs can still claim this money through the concerned bank — and now, with the help of the UDAA portal, the process is much faster and simpler.
How to Use the RBI Portal to Reclaim Forgotten Deposits
Once a match is found, you can follow the on-screen instructions to contact the concerned bank branch. You’ll need to verify your identity and submit documents like ID proof, address proof, and possibly old account details to reclaim your funds. You don’t have to visit multiple banks or submit manual forms to each one. Everything is centralized. You can easily verify where your unclaimed funds are and track the progress of your claim.
Accessibility
The portal is available online and can be accessed from anywhere using a smartphone, tablet, or computer. Since it’s an official RBI initiative, all data and transactions are completely safe and confidential. The portal initially launched with participation from major Indian banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, and PNB, among others. Over time, more banks are being added to ensure complete coverage of all scheduled commercial banks in India.
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How the UDAA Portal Helps Senior Citizens
Many senior citizens forget about small savings or FDs they opened years ago. The UDAA portal is especially beneficial for them, as they can reclaim funds without physically visiting multiple bank branches. With simple online access and support from family members, they can recover their forgotten savings quickly. Apart from launching this portal, the RBI is also conducting awareness campaigns across India to educate people about dormant accounts and unclaimed deposits. The aim is to encourage people to stay informed and check their account activity regularly to avoid losing track of their money.
Future Plans for the UDAA Portal
The RBI UDAA Portal is a revolutionary step toward simplifying how people can reclaim forgotten or unclaimed bank deposits online. It brings transparency, ease, and convenience to the entire process. Whether you have an old savings account, a fixed deposit, or any dormant balance, you can now check and reclaim your money in just a few clicks. The RBI’s initiative not only helps citizens recover their rightful funds but also strengthens financial awareness across the country. So, if you think you might have old deposits somewhere, visit the RBI UDAA portal today and get back what’s rightfully yours.
