Union Bank of India Unclaimed Deposits: List, How to Check & Claim UBI Unclaimed Deposits?

The non-closure of savings or current accounts often leads to an increased volume of UD or Unclaimed Deposits. There have been several campaigns by the Reserve Bank of India regarding Unclaimed Deposits from time to time that have barely shown any improvement in the existing situation.

However, you must know that the depositors are still entitled to receive the deposits at a later date from the bank. They can claim the deposits along with their interests, as applicable.

The Union Bank of India allows its customers to claim the deposits of their dormant accounts in a systematic yet convenient process. Therefore, keep reading to know more about the Union Bank of India Unclaimed Deposits along with its process to check, claim and many more.

What are the Union Bank of India Unclaimed Deposits?

The Union Bank of India Unclaimed Deposits refers to the current or savings accounts that have not been operated for more than 10 years. And term deposits that have not been claimed even after 10 years from the date of their maturity.

These are also called forgotten or dormant accounts, which usually happen when the legal heirs or nominees of the depositor do not come forward to claim the fund for several years.

There is a list of Unclaimed Deposits Union Bank of India on their official website to help individuals identify their dormant accounts by entering a few details. They can hence identify their accounts and approach the bank to claim such deposits.

Total Unclaimed Amount in Union Bank of India

The Union Bank of India is one of the most reputed public sector banks in the country with more than 153 million customers and headquartered in Mumbai. When it comes to the total number of unclaimed amounts it has, there is Rs. 2,163.83 Crores, that are still unclaimed in their bank. Also, the number of accounts has reached 78,75,526 (as of 31st December 2020).

Union Bank of India Guidelines on Unclaimed Deposits

Such unclaimed amounts are then transferred to the Depositor Education and Awareness Fund by the Union Bank of India. These are then maintained by the Reserve Bank of India. However, you can claim the Unclaimed Deposits of the Union Bank of India at a later date along with its interest.

Union Bank of India Unclaimed Deposits List

You can find the Union Bank of India Unclaimed Deposit list by visiting their official website.

How to Check the Union Bank of India Unclaimed Deposit?

You can check the Union Bank of India Unclaimed Deposit in a hassle-free way by following a few simple steps as given below:

1. Visit the official website of UDGAM.
2. Click on the “Register” option to create your account.
3. Provide the required details which include your mobile number, first name, last name etc.
4. Enter your password in the specified place. 
5. Enter the captcha code as shown.
6. You need to tick two boxes to agree with the “Disclaimer” and RBI’s “Privacy Policy”, that says you would use the portal for legitimate purposes.
7. Click on the “Next” button and you will receive an OTP on your registered mobile number.
8. Enter the OTP you received and click on “Register” to complete the registration process.
9. Now navigate to the UDGAM portal again and log in to the account you created by entering your credentials and the given captcha code.
10. Click on the “Next” button.
11. Provide the account holder’s name whose Unclaimed Deposit you are entitled to claim.
12. Select the “Select Bank” option, and click on “All”.
13. Enter any one of the given options which include PAN, voter ID, driving licence number, passport number or date of birth
14. Click on the “Search” option.

Claim Union Bank of India Unclaimed Deposits

You can claim the Union Bank of India Unclaimed Deposits by proceeding with a few simple steps as given below:

1. Visit the Union Bank of India in person where you would like to make the claim.
2. You need to submit a duly filled claim form with the relevant details as asked.
3. Submit the claim form along with the KYC documents. Please note you need to submit the death certificate of the account holder and other necessary documents if you are a legal heir of the depositor.

After a thorough verification process to check the genuineness of the documents, the Union Bank of India will release the payment to the claimant. Once the customer receives the payment, it lodges a claim with the Reserve Bank of India in order to get a refund from the Depositor Education and Awareness Fund, thus settling the claim.

Documents Required for UBI Unclaimed Deposits

Some of the essential documents that are required to claim the UBI Unclaimed Deposits are as follows:

1. Original passbook or the receipt of term deposit.
2. Latest valid KYC documents.
3. Address proof as mentioned in the CIF form such as PAN card, Aadhaar card, passport, or driving licence.
4. Recent passport-size photo.

Please note that you need to submit these documents to the UBI branch in person along with the duly filled claim form.

UBI Unclaimed Deposits Claim Form Download

To download the Union Bank of India Unclaimed Deposits claim form, you need to visit the official website of the bank and navigate to the claim form download option.

Overall, the systematic and customer-centric process of claiming the deposits of a dormant account becomes convenient for its customers. You can get the claim form from the branch as well and ask for their guidance to proceed further. Alternatively, you can also contact them on their phone number - +91 22-22892000

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