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

ULIP Review: ProGrowth Super II

  If you are interested in a death cover that's just big enough, HDFC SL ProGrowth Super II is something worth a try. The beauty is it has something for everybody — you name the risk profile, the category is right up there. But do a SWOT analysis of the basket, and the gloss fades     HDFC SL ProGrowth Super II is a type-II unit-linked insurance plan ( ULIP ). Launched in September 2010, this is a small ticket-size scheme with multiple rider options and adequate death cover. It offers five investment options (funds) — one in each category of large-cap equity, mid-cap equity, balanced, debt and money market fund. COST STRUCTURE: ProGrowth Super II is reasonably priced, with the premium allocation charge lower than most others in the category. However, the scheme's mortality charge is almost 60% that of LIC mortality table for those investing early in life. This charge reduces with age. BENEFITS: Investors can choose a sum assured between 10-40 times the annualised premium...
Read more

Section 80CCD

Top SIP Funds Online   Income tax deduction under section 80CCD Under Income Tax, TaxPayers have the benefit of claiming several deductions. Out of the deduction avenues, Section 80CCD provides t axpayer deductions against investments made in specific sector s. Under Section 80CCD, an assessee is eligible to claim deductions against the contributions made to the National Pension Scheme or Atal Pension Yojana. Contributions made by an employer to National Pension Scheme are also eligible for deductions under the provisions of Section 80 CCD. In this article, we will take a look at the primary features of this section, the terms and conditions for claiming deductions, the eligibility to claim such deductions, and some of the commonly asked questions in this regard. There are two parts of Section 80CCD. Subsection 1 of this section refers to tax deductions for all assesses who are central government or state government employees, or self-employed or employed by any other employers. In...
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

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

Bharat Bond ETF

Top SIP Funds Online   The government of India has paved the way for the launch of India's first corporate bond ETF called as Bharat Bond ETF. Edelweiss Mutual Fund will be managing it. The fund is mandated to invest in AAA-rated bonds of select public sector companies (see the table 'List of constituents and their proportions in the portfolio'). The government has a threefold objective behind launching this product. One, to deepen the liquidity of the Indian debt markets and provide a gateway for easy retail participation. Two, to solve investors' dilemma of picking premium bonds. Lastly, to help the underlying government-owned companies raise funding for their operations. But does it make sense for you, the investor, to invest in it? Lets find out. What is the product? As the name suggests, it is an exchange-traded fund which will be listed on a stock exchange from where its units can be bought and sold post launch. It will have two variants - one maturing in 3 ye...
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