Unclaimed assets: Create searchable databases
Give a gift worth lakhs to your loved ones this new year without costing a penny to you. Visit iepf.gov.in, click on “Search unpaid/unclaimed amount” under the “Services” tab, and enter their names in the search box and discover unclaimed shares in their name on the #IEPF website. The probability of discovering lost treasures for your loved ones is much higher if they are born before 1970.
IEPF has recently changed its search functionality to display potential unclaimed amounts/shares based on the inputted name without requiring any more information. Unclaimed shares/dividends worth Rs. 52,000 crores are with IEPF. Similarly large amounts (bank deposits – Rs. 35,000 crores), Insurance-Rs. 25,000 crores, Inactive/unclaimed Mutual Funds (Rs. 18,000 crores) , Provident fund/Small saving schemes (amounts unknown) exist throughout the financial sector. The Finance minister has already announced an integrated portal to ease the process of searching and claiming such amounts.