A striking picture of huge unclaimed wealth in India.
Unclaimed wealth in India amounts to hundreds of thousands of crores of rupees, often held in forgotten bank accounts, insurance policies, shares, and mutual funds. This staggering sum represents life savings lost in the system, highlighting a systemic issue of financial literacy and asset management.
Bank Deposits: â‚ą62,000 crore in unclaimed bank deposits might be waiting for rightful owners. This amount has been transferred to the RBI’s Depositor Education and Awareness (DEA) Fund after lying inactive for 10 years.
Stocks: â‚ą25,000 crore in unclaimed dividends and shares could be claimed by investors who haven’t kept track of their investments.
Mutual Funds: â‚ą35,000 crore might be lying unclaimed in mutual fund accounts, possibly due to forgotten investments or lack of updates.
EPF: â‚ą48,000 crore in Employees’ Provident Fund (EPF) accounts remains unclaimed, likely due to individuals not claiming their provident fund savings after retirement or changing jobs.
Insurance: â‚ą21,500 crore is estimated to be unclaimed in life insurance policies, possibly due to policyholders not updating their nominees or beneficiaries.
To claim these unclaimed funds, individuals can:
Check Bank Accounts: Visit the RBI’s UDGAM portal (udgam.rbi.org.in) to search for unclaimed deposits across multiple banks.
Verify EPF Accounts: Log in to the EPFO portal (epfindia.gov.in) using your Universal Account Number (UAN) to check for unclaimed EPF amounts.
Claim Insurance: Contact your insurance provider or check their website to see if you have any unclaimed policies or benefits.
Update Investments: Review your investment portfolio regularly to ensure you’re aware of all your investments and their status.
By taking these steps, individuals can recover their unclaimed funds and make the most of their hard-earned money.
Government initiatives and portals:
The Indian government and regulators have taken recent steps to address this issue:
“Your Money, Your Right” Campaign: The Ministry of Finance launched a nationwide campaign to raise awareness and help citizens reclaim their funds.
UDGAM Portal: The RBI developed the UDGAM (Unclaimed Deposits–Gateway to Access inforMation) portal, which allows the public to search for unclaimed deposits across multiple banks in a single location.
Simplified Processes: The RBI and IRDAI have implemented new guidelines to simplify the process of claiming funds from banks and insurance companies.
Increased Nominee Limit: The Banking Laws (Amendment) Bill, 2024, now allows up to four nominees per bank account, making it easier for heirs to access funds.
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