Most people are aware of their existing banking arrangements and think they know exactly where their money is. However, over time, people often forget about old bank accounts and insurance policies, leave shares dormant, and lose track of Provident Fund (PF) accounts from previous jobs while juggling paperwork. Sometimes, family members are not even aware that such assets exist. As a result, the amount of unclaimed financial assets is continuously increasing across India.
Surveys conducted by regulators and financial institutions reveal that thousands of crores of rupees are currently lying unclaimed in banks, insurance companies, mutual funds, EPF accounts and investor protection funds. The good news is that finding and retrieving these funds has become easier and more convenient than ever before. Here’s how you can check them:
Check old EPF accounts from previous jobs
Many salaried employees work for multiple companies during their careers. Before the advent of the Universal Account Number (UAN) system, employees often had multiple EPF accounts and were not able to transfer the balance between them properly.
Today, a large amount of PF balances remain unclaimed as employees change jobs, move abroad, or lose track of their old accounts. You can identify these old balances – which can still be withdrawn or transferred – by logging into the EPFO portal and checking the accounts linked to your UAN.
Locate Forgotten Insurance Policy
People often buy insurance policies, which makes them another big source of unclaimed funds. Often, maturity payments do not reach the policyholder because the contact details were not updated. In some cases, family members are not aware of the existence of the policy at all.
Interestingly, many life insurance companies provide online search facilities to help locate the unclaimed amount. Policyholders can also check the same on the company’s website using the policy details, PAN or other identification information. In such cases, if the policyholder has died, the legal heir can initiate the claim process by submitting the required documents.
