According to the Reserve Bank of India (RBI), there is an estimated ₹35,000 crore in unclaimed money in India. This money is held in a variety of accounts, including bank accounts, insurance policies, and mutual funds.
The reasons for unclaimed investment vary. In some cases, the account holder may have died and their heirs are not aware of the account. In other cases, the account holder may have moved and forgotten about the account. And in still other cases, the account holder may have simply lost interest in the account.
The RBI has a number of initiatives in place to try to reunite unclaimed money with its rightful owners. These initiatives include:
- Publishing lists of unclaimed accounts: The RBI publishes lists of unclaimed accounts on its website. These lists include the name of the account holder, the account number, and the amount of money in the account.
- Contacting account holders: The RBI also contacts account holders who have not made a transaction in their account for a certain period of time. The RBI will try to determine if the account holder is still alive and if they want to keep the account open.
- Transferring unclaimed money to the Depositor Education and Awareness (DEA) Fund: If the RBI is unable to contact the account holder, the money will be transferred to the DEA Fund. The DEA Fund is used to promote financial education and awareness in India.
If you think you may have an unclaimed account, you can check the RBI’s website or contact your bank. You will need to provide some personal information, such as your name and date of birth, to search for your account.
Unclaimed Investment