Will you be surprised to know the figure of unclaimed deposits, shares, dividends?

Unclaimed Deposits At Financial Institutions: In the meeting of the Financial Stability and Development Council, Finance Minister Nirmala Sitharaman has asked all the financial regulators to run a special campaign regarding unclaimed deposits, shares, dividends, mutual funds and insurance policies. The government wants to find the nominee and provide them the benefit of these unclaimed financial instruments. It was decided in the meeting that where the nominee details are available but the nominee does not have this information, a campaign will be launched to make this information available to them within the time limit.

unclaimed deposits in banks

According to the annual report of the Reserve Bank (RBI), by the financial year 2021-22, the unclaimed deposits in banks have reached Rs 48,262 crore. In 2020-21, this amount used to be Rs 39,264 crore. According to RBI, the maximum amount of unclaimed deposits is deposited in banks of Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar and Telangana and Andhra Pradesh.

unclaimed amount in insurance companies

According to information received from the Insurance Regulatory and Development Authority of India (IRDAI), a total of Rs 22,043 crore is deposited in life insurance companies till March 31, 2021, which has no claimant. As on March 31, 2021, non-life insurance companies have deposits of Rs 1,241.81 crore, which have no claimants. The country’s largest insurance company LIC itself has unclaimed deposits of Rs 21,538.93 crore, which have no claimants. This amount also includes interest of Rs 2911.08 crore, which has been received on unclaimed deposits.

Unclaimed amount in mutual funds

According to the information received from SEBI, till March 31, 2021, mutual funds had deposits of Rs 1590 crore as unclaimed amount, in which Rs 671.88 crore was deposited as unclaimed redemption and Rs 918.79 crore as unclaimed dividend.

Crores of unclaimed shares

The number of unclaimed shares is also in crores which have been transferred to Investor Education and Protection Fund (IEPF). According to an estimate, 117 crore shares have been transferred to the Investor Education and Protection Fund, whose value is estimated to be around Rs 50,000 crore. Along with this, a dividend of Rs 5700 crore is also included on these shares.

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