Download Tax Saving Mutual Fund Application Forms
Invest In Tax Saving Mutual Funds Online
Leave a missed Call on
94 8300 8300
How to Claim Your Money
This amount has been idling with banks, insurance companies, mutual funds and in post office schemes. Find out how to retrieve it.
An estimated `37,500 crore is lying unclaimed with insurance companies, banks, corporate houses, mutual funds and the Department of Posts. If you add `26,497 crore in inoperative Provident Fund (PF) accounts with the EPFO, the total wealth idling without interest adds up to more than `64,000 crore. Assuming a nominal rate of 8.5%, investors are losing almost `5,500 crore in interest every year. This estimate does not include many small savings schemes, for which the data is not available. One unconfirmed estimate has pegged the unclaimed amount in inoperative accounts in the PPF at `22,000 crore. That's not unbelievable. In July this year, in response to an RTI petition by Gurgaon-based activist, Aseem Takyar, the Department of Posts had divulged that Indira Vikas Patra maturity proceeds worth `896 crore were lying unclaimed in government coffers. Three months ago, the government set up a committee headed by RBI Deputy Governor H.R. Khan to find out the quantum of unclaimed deposits with the postal department and PSU banks. The committee is expected to submit its report by 31 December.
The post office schemes are not the only black hole that has swallowed investors' wealth. Life insurance companies have `5,849 crore of unpaid benefits idling with them. The amount has more than doubled in the past two years. The 58-year old Life Insurance Corporation has the biggest chunk (`1,548 crore), but Reliance Life Insurance is not far behind with `1,502 crore (see graphic). Banks too are wallowing in this forgotten wealth, with `5,125 crore waiting to be collected by depositors and account holders. The unclaimed amount in banks has shot up in recent years because the banks started with the implementation of the RBI guidelines on dormant and inoperative accounts only in 2009. Then there are corporate houses, which have roughly `3,454 crore in unpaid dividends, unclaimed debentures and deposits. Mutual fund houses also have more than `770 crore in the form of unclaimed dividends and redemptions. Interest-free loan to government
The EPFO is also sitting on a massive `26,496 crore in inoperative PF accounts. An account is classified as inoperative if there is no deposit for more than three years. Under a new rule in 2011, no interest is payable on the balance in an inoperative account. It is akin to giving the government an interest-free loan. At 8.75%, the owners of these accounts are losing more than `2,300 crore every year.
The EPFO officials say that many of these inoperative accounts belong to people who have changed jobs and not transferred the balance from the previous account. The introduction of the Universal Account Numbers (UAN) will help the EPFO trace the owners of these accounts.
How to claim your money
If the amount with companies, banks and mutual funds is not claimed for more than seven years, it is transferred to Sebi's Investor Education and Protection Fund (IEPF). Investors can reclaim the amount by approaching either the fund house, company or registrar. You can get in touch with them, update your address and submit the KYC documents, along with the forms specified by the entities for the purpose.
The RBI, too, has established a Depositor Education and Awareness Fund (DEAF), where unclaimed deposits and bank balances of inoperative accounts flow in after waiting for 10 years. One can claim this amount even after the transfer. If the account holder furnishes identity proof, the bank will have to return the amount, along with interest. Banks have also been asked to display unclaimed deposits and inoperative accounts on their websites. The Insurance Regulatory and Development Authority (Irda) has notified guidelines to help policyholders claim the sums. From January 2015, policyholders can visit the insurers' websites to find out if there is any amount due to them. One can access this information by providing the name and date of birth, or PAN and policy number, to facilitate authentication. After verification, the insurer will initiate the disbursal.
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them
OR
You can write back to us at
PrajnaCapital [at] Gmail [dot] Com
---------------------------------------------
Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs
Download Mutual Any Fund Application Forms
---------------------------------------------
Best Performing Mutual Funds
- Largecap Funds Invest Online
- DSP BlackRock Top 100 Fund
- ICICI Prudential Focused Blue Chip Fund
- Franklin India Bluechip
- ICICI Prudential Top 100 Fund
B. Large and Midcap Funds Invest Online
- ICICI Prudential Dynamic Plan
- HDFC Top 200 Fund
- UTI Dividend Yield Fund
- Birla Sun Life Front Line Equity Fund
- Franklin India Prima
C. Mid and SmallCap Funds Invest Online
- Reliance Equity Opportunities Fund
- DSP BlackRock Small & Midcap Fund
- Sundaram Select Midcap
- IDFC Premier Equity Fund
- Birla Sun Life Dividend Yield Plus
- SBI Emerging Businesses Fund
- HDFC Mid-Cap Opportunities Fund
- ICICI Prudential Discovery Fund
D. Small and MicroCap Funds Invest Online
- DSP BlackRock MicroCap Fund
- Franklin India Smaller Companies
E. Sector Funds Invest Online
- Reliance Banking Fund
- Reliance Banking Fund
- ICICI Prudential Banking and Financial Services Fund
F. Tax Saver Mutual Funds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
- DSP BlackRock Tax Saver Fund
- Reliance Tax Saver (ELSS) Fund
G. Gold Mutual Funds Invest Online
- Relaince Gold Savings Fund
- ICICI Prudential Regular Gold Savings Fund
- HDFC Gold Fund
- Birla Sun Life Gold
H. International funds Invest Online
1. Birla Sun Life International Equity Plan A
2. DSP BlackRock US Flexible Equity
3. FT India Feeder Franklin US Opportunities
4. ICICI Prudential US Bluechip Equity
5. Motilal Oswal MOSt Shares NASDAQ-100 ETF
Posts
No comments:
Post a Comment