Skip to main content

How to get Forgotten Investments

Forgotten investments are a big issue. A massive amount of money lies in banks, insurance companies and housing finance companies. It is more common amongst the older folks where they speak about the old share and deposit certificates they lost and forgot about them completely. This is the reason that the money lies unclaimed with financial institutions. The concerned companies and financial institutions, too, fail to locate investors or policyholders as contact details changes are not updated with the company. Also, once the original document is lost, it becomes difficult to claim the amount that is due to them.

You can reclaim your money even after 10 years, after following these steps:-

1) If an account has not been operated for 10 years, or any amount remains unclaimed for more than 10 years, it is transferred to the Reserve Bank of India's Depositor Education and Awareness Fund Scheme

2) An investor can claim the money, or operate his account, even after such a long gap by approaching his bank

3) The bank will claim the money back from the fund

4) If no claim has been made for 10 years after maturity of a traditional insurance policy, the money gets transferred to the Senior Citizen Welfare Fund (SCWF)

5) This money can be claimed within the next 25 years by providing KYC details and providing authenticity.


Sometimes, even after an asset in the form of investments is passed on by grandparents and parents, the nominees and legal heirs fail to claim them as they are not aware of the existence of those assets. It happens in the absence of a Will. As a countermeasure, the RBI has mandated that banks should publish details on their websites of accounts that have remained inoperative and inactive. It has directed the insurance companies also to update details of unclaimed funds on their websites.

In cases where your parents leave you a fortune but don't assign you the nominee of any of the shares, the problems can increase. It can be an arduous task to obtain a succession certificate from a district court. One can take help from the asset recovery companies. The process broadly involves filing legal claims, tracing the investments, and approaching the concerned companies. Generally, in a situation where your parents passed away without appointing you the nominee of the bank account, then you will have to submit a succession certificate or legal heir certificate. The legal heir will have to produce other documents like KYC details and NOC from other legal heirs.

In a situation where, as an investor, you have lost your share certificate and do not even remember the folio numbers of the holdings, then you should get in touch with the company directly. You will require to write down mentioning your personal details and provide the KYC documents. The company shall authenticate the applicant and then provide information about the holdings after going through the shareholding list.



SIPs are Best Investments as Stock Market s are move up and down. Volatile is your best friend in making Money and creating enormous Wealth, If you have patience and long term Investing orientation. Invest in Best SIP Mutual Funds and get good returns over a period of time. Know which are the Top SIP Funds to Invest Save Tax Get Rich - Best ELSS Funds

For more information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

Popular posts from this blog

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
Read more

WEALTH TAX

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 WEALTH TAX   WHAT CONSTITUTES WEALTH? For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000. CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child. Such assets will also be considered as your wealth. HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a...
Read more

Equity Savings Fund

Invest Equity Savings Fund Online   The best part about these funds is that they are subject to equity fund taxation and at the same time are structured like MIP like funds . This new category, equity savings funds , offer a little of everything. They allocate money to equities & equity related instruments, and fixed income. They aim to generate returns by diversification. Such funds invest in fixed income and arbitrage to protect the investors from short term volatility and equity for capital gains. The best part of these funds is that they are subject to equity fund taxation and at the same time are structured like MIP funds.   MIP funds however are subject to debt fund taxation. Investors Equity savings funds are suitable for the following: First time investors who seek partial exposure to equity with less volatility and greater stability Investors seeking moderate capital appreciation with relatively lower risk Those wh...
Read more

How to Pick Top Performing Mutual Fund Schemes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...
Read more

8% Government of India Bonds quick guide

For those seeking comfort in safety of returns, the Government of India issued 8% savings bond once again comes to the fore. First launched in 2003, these bonds are issued by the government with a maturity of 6 years. The bonds are available at all times with specified distributors through whom you can apply to invest in them. Here is a quick guide to what the bond offers and its features to ascertain to check for suitability. What are Government of India bonds Government of India bonds are like any other government bonds with specified rate of interest. The rate is fixed at 8% per annum paid half yearly, or you can opt for cumulative payment of interest at the end of the tenure. You can buy these bonds from State Bank of India and its associates, other nationalized banks and some private sector banks such as HDFC Bank Ltd and ICICI Bank Ltd, among others. The bonds can be bought from the offices of Stock Holding Corporation of India as well. They are available in physical form onl...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now