Did your grandparents or parents make a fixed deposit (FD) years ago, and the certificate or details about it are now missing? Or did a family member buy shares of a company and forget about it? There are several instances in which people forget about investments. Due to a family tragedy or any other reason, the nominee loses track of them. According to reports, crores of rupees lie unclaimed in banks, insurance companies, and mutual fund houses across the country.
To tackle this problem, the Department of Financial Services (DFS), under the Ministry of Finance of the Government of India, has launched a single, unified online platform for citizens to search for and trace unclaimed amounts. The portal has been launched in collaboration with the PSB Alliance to facilitate easier access to information on unclaimed financial assets.
How to access the portal
The portal is accessible at https://www.unclaimedassetsportal.in. It has been launched as a part of the government's nationwide campaign, 'Your Capital, Your Right'.
The biggest advantage of the portal is that it has brought the country's entire financial ecosystem under one roof. Earlier, people had to visit different platforms to trace their forgotten assets. For example, until now, a person had to visit the Reserve Bank of India's UDGAM portal for banks, SEBI's MITRA portal for mutual funds, and IRDAI's portal for insurance to trace unclaimed deposits.
This hassle and difficulty made many people give up their search. But now the government has integrated the various databases into a single digital platform, making it easier for people to trace and claim their property.
All information under one roof
By visiting the new common landing portal, www.unclaimedassetsportal.in, one can find information about their unclaimed assets in one place.
Bank Deposits: Savings or current accounts in which there have been no transactions for the last 10 years or more, and whose deposits have been transferred to the RBI.
Insurance Claim: The money lying with the insurance companies, which, for some reason, could not reach the policyholder or his family even after the policy matures.
Shares and Unclaimed Dividends: Shares and dividends of companies that remained unclaimed for seven years and were later transferred to the Investor Education and Protection Fund (IEPF).
Mutual Fund Investments: The amount invested in mutual fund schemes that investors have not redeemed for years.
Trace you deposits
People are often put off by the lengthy login and registration processes on government websites. However, the government has simplified this portal to suit the common person. It's safe and completely free to use.
First, you need to visit the official website. Once there, you'll need to enter basic information, such as the account holder's full name. You can even provide additional information, such as your PAN number, to make the search more precise. The system will search its database and display a list of all possible assets or funds linked to your name. This will help you determine if you have any unclaimed money or property in your name.
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