The Ministry of Finance has launched a unified awareness initiative titled “Your Money, Your Right” to help citizens locate and recover forgotten or unclaimed assets such as unclaimed deposits, insurance and shares.
We build financial assets by way of placing deposits with banks, investing in shares/mutual funds or other financial instruments and securing family by taking insurance policies. Sometimes at the time of maturity these assets do not reach back to the beneficiaries or legal heirs. These funds are unclaimed and remain with bank or respective financial organization. Now rightful owners can claim these financial assets easily using Your Money, Your Right.
What is the “Your Money, Your Right” campaign?
To help citizens locate and recover forgotten, unclaimed assets, the central government has launched a website, https://www.unclaimedassetsportal.in, where a single gateway directs users to appropriate regulator-managed portals to reclaim bank deposit claims, insurance claims, share claims, etc.
As per a Ministry of Finance statement , the service is free to use and does not require any registration. This service helps you to locate unclaimed fixed deposits, insurance, mutual funds and shares. It is like lost and found portal for the financial assets in India.
How can you find unclaimed bank deposits?
Under the portal, individuals can search for unclaimed bank deposits through the RBI’s UDGAM portal. The portal allows users to look for deposits that may have become inoperative or remain unclaimed across participating banks. Old savings accounts, fixed deposits, recurring deposits and accounts that have remained inactive for long periods may appear in the search results.
Customers/depositors can claim a refund of their unclaimed amounts from their banks. Based on the request of claim made by customer/depositor or legal heirs (in case of deceased depositors), the banks shall repay the customer/depositor along with interest (applicable only in case of Interest-Bearing deposit accounts) and then lodge a claim for a refund from the DEA Fund maintained by the RBI for an equivalent amount paid to the customer/depositor.
How can you trace unclaimed insurance policies?
For insurance-related claims, users are redirected to resources provided by the Insurance Regulatory and Development Authority of India (IRDAI). Policyholders or nominees can use the available tools to trace forgotten life insurance policies and begin the process of claiming benefits that may remain unpaid.
Policyholders/beneficiaries can visit the website of concerned insurer(s) and make online enquiry using the following details:
- Policy Number
- PAN of the Policyholder
- Name of the Policyholder (Mandatory)
- Date of Birth of the Policyholder (Mandatory)
Insurers’ website Links to enquire about unclaimed amounts are also published in the IRDAI’s Bima Bharosa portal.
Incase you find your or your relative’s policy unclaimed, You need to contact the insurance company with the following details and submit the documents required for submitting the claims
- Policy details/document
- Bank Account details
- Claimant’s Photo ID and Cancelled cheque
- KYC documents to prove identity
- Valid ID, address and relationship proof (if the claim is made by a beneficiary/nominee, other than the policyholder)
- Duly completed Claim form
If the original policy document is lost, you may need to file an indemnity bond depending on the company’s policy.
How can investors locate unclaimed mutual fund investments?
Investors looking for forgotten mutual fund holdings can access support resources through SEBI’s MITRA platform. The facility helps investors identify inactive or unclaimed mutual fund folios and obtain information on the process required to reclaim them.
In order to claim the amount, The investor can download the form available on AMC’s website and submit the duly signed form to the AMC/RTA’s office. After verification of records and matching of signature, the unclaimed amount is paid from the Unclaimed Dividend and Redemption Scheme (UDRS) along with the applicable appreciation.
How can shareholders claim unclaimed dividends and shares?
Unclaimed dividends and shares transferred to the Investor Education and Protection Fund Authority (IEPFA) can be searched through the designated portal.
IEPFA provides a facility to search for unclaimed shares, dividends or deposits on its website by entering the PAN, name, or company name. You can check by visiting the IEPFA portal (www.iepfa.gov.in) and click on “Click here for login and registration to “IEPF Search Facility” section and create an account if not already registered or login using your credentials.
You can search using any of the following three methods:
- By PAN
- By Basic Information (Name, DOB, etc.)
- By Company Name & Demat ID/Folio Number
The system will check its database and list any entries that match your details.
Shareholders, deposit holders or their legal heirs who have unclaimed dividends, deposits, debentures or shares for a continuous period of 7 years are transferred by the company to the Investor Education and Protection Fund (IEPF). These individuals remain eligible to claim a refund by applying to the IEPF Authority through the filing of webform IEPF-5 along with the necessary documents.
