Blog
Treasure Hunt–My Wealth
KIN~UNKNOWN
Rs. 1,50,000 Crore is lying in unclaimed in India…, one small portion of it may belongs to you!!!
Does any one of the below situation resonate with you:
- Habit of making long term investment and insurance
- Hold multiple demat / bank accounts, fixed deposits, insurance, mutual funds
- Changed your mobile / email address
- Shifted residence
- Switched Jobs
- Not aware of investments by parents/spouse
By now you must have started thinking, some clues to trace your forgotten Wealth:
- Maturity cheque of my old tax saving bonds may be delivered to my old address
- Not transferred the provident fund from my previous employer
- Forgot to redeem my mutual funds, insurance, bonds, Kisan Vikas Patra, NSC
- Closed my bank account linked to demat account/ mutual funds
- Not receiving dividend/ interest
- Getting dividend / interest but not aware of shares/ investment
- My Parents/ grand-parents may have left the unknown legacy (e.g. 1 TCS share of Rs 850/- in 2004 worth Rs. 28,000/- now)
Are you now ready to find out how to trace your unknown treasure…?
- Deposits with Bank and Public Provident Fund
As per RBI regulations, every bank is required to publish details of unclaimed deposits on its website. Hence you can check the respective bank’s website for the same.
- Post Office Saving Scheme
Visit the India Post website and click on 'Banking and Remittance'. On this page select Post Office Savings Scheme. And then select Senior Citizen Welfare Fund (Link) to check unclaimed deposits.
- Insurance Policies
It is mandatory for insurance companies to display details of unclaimed cases on their websites if the amount exceeds ₹1,000.
You can log on to your insurance company’s website and enter details to know the unclaimed amounts with the company.
- EPF
Previously, PF accounts were not portable. Hence, employees would usually open a new account when changing jobs. This resulted in most people having multiple PF accounts.
Visit the Help Section of the EPFO website and raise a query via their Tollfree Number or Email support
- Mutual Funds
You can check for unclaimed redemption / dividends by simply entering your folio number on the mutual fund’s website.
You can also visit the website of the registrar (CAMS or KFintech) to check unclaimed money across mutual funds.
- Shares & Dividends
If you know the folio number (through any warrant/ dividend proceed), reach out to company registrar for the same.
Additionally, shares whose dividends were unclaimed for a continuous seven years are also transferred to IEPF (investor Education and Protection fund), which is part of the Ministry of Corporate Affairs (MCA). You can conduct an online search on IEPF portal (https://www.iepfportal.in/)
- Bonds / Non-Convertible Debenture
You can visit the respective issuer website and unclaimed bond/ NCD list published on the portal.
Additionally, unclaimed deposit, interest for a continuous seven years are also transferred to IEPF (investor Education and Protection fund), which is part of the Ministry of Corporate Affairs (MCA). You can conduct an online search on IEPF portal (https://www.iepfportal.in/)
If you would not want to leave your investment, avail our innovative services to help you organize all your investments, get reminders to check your due income/ redemption and help family to claim your legacy hassle free.
Visit us at www.kinheritance.com to know more
Posted On: 2024-04-12
