India holds ₹78,000 crore in unclaimed bank deposits, ₹14,000 crore in unclaimed insurance funds, and ₹3,000 crore in unclaimed mutual fund investments, according to reports from Mint. These forgotten assets could belong to individuals, their parents, or grandparents who may be unaware of their existence. The unclaimed deposits are transferred to the DEA (Depositor Education and Awareness) fund after 10 years of inactivity, while insurance amounts remain unclaimed for more than 12 months after becoming due.
As reported by Mint, there are five types of unclaimed financial assets that investors should check: bank deposits, mutual funds, shares/dividends, insurance policies, and National Pension System (NPS). Bank deposits become unclaimed when accounts are forgotten by beneficiaries or legal heirs, or when customer details are changed. Mutual funds enter unclaimed status due to bank account closure, incomplete details, or non-KYC compliance, while shares and dividends remain unclaimed for 7 years before transferring to the Investor Education and Protection Fund.
According to Mint, to claim unclaimed bank deposits, investors must visit the respective bank branch or home branch and fill out the common claim application form. Required documents include passport, voter ID card, driving license, or Aadhaar card for identity verification. The unclaimed amount can be checked on bank websites or the RBI's UDGAM portal, with claims processed through the common claim application form.
As reported by Mint, unclaimed mutual fund amounts can be checked through the MITRA portal on the MF Central website. The claim process involves submitting a request through the respective AMC or Registrar and Transfer Agent, with payouts treated as mutual fund redemptions based on the date and time of request. For shares and dividends, investors must file Form IEPF-5 on the MCA portal and send required documents to the company's IEPF Nodal Officer, with claims processed within 25 years of the unclaimed amount being transferred.
According to Mint, unclaimed insurance amounts can be checked on insurer websites or the IRDAI's Bima Bharosa Portal, with claims requiring policy details, bank account information, and KYC documents. Legal heirs may need to provide succession certificates or death certificates. For NPS claims, subscribers can submit refund claims through the PFRDA portal within 25 years of the unclaimed amount being transferred, with claims processed through prescribed forms and supporting documents.
