💡Introduction:
Have you ever paused to think that there might be money quietly waiting for you🤫- Money that belongs to you but has never found his way back into your hands? It may sound surprising but thousands of investors across India are sitting on unclaimed money in mutual funds without even realizing it.
These are not forgotten investments, but dividends, redemption proceeds or maturity amount that for some reason never reached their rightful owners.
Imagine investing in mutual funds years ago, expecting regular dividends or payout at maturity only to discover that the money was never credited to your bank account because of outdated bank details, a closed account or a missed communication from the fund house and in many cases family members remain unaware of investments made by loved ones who have passed away leaving money unclaimed.
But here is the good news now claiming this money is not as complicated as it sounds. With digital platforms like MF Central, RTAs such as CAMS and KFintech, investors now have a streamlined way to track and recover their unclaimed amounts.
🌟In this blog we discuss how you can check if you have unclaimed money and the exact steps to claim them back.
💡How Can You Check If You Have Unclaimed Money?
You don’t need to visit multiple offices technology make it easy for you.
💡 SEBI Unclaimed Amount in Mutual Funds – MF Central Portal (mf central.com).
👉🏻 A one stop platform where you can login with your PAN or Mobile OTP.
👉🏻 It shows unclaimed amount across all Mutual Funds linked to your PAN.
💡 IEPFA Portal for Unpaid Dividends & Unclaimed Shares (https://www.iepf.gov.in/).
💡Two online portals make it easier to track and withdraw money from unclaimed bank deposits~
👉🏻 Reserve Bank of India (RBI)- UDGAM Portal for Unclaimed Bank Deposits and Balances (https://udgam.rbi.org.in/unclaimed-deposits/).
👉🏻 Insurance Regulatory and Development Authority of India (IRDAI)- Bima Bharosa Portal for unclaimed insurance policy proceeds (https://bimabharosa.irdai.gov.in/).
💡How Do You Claim Your Unclaimed Money?
✅ Identify the unclaimed amount through different portals like MF Central, AMC, RTA, Consolidated Account Statement (CAS)
You can search by using PAN, Mobile, Email, Bank Account and Name.
✅ Fill out the claim form available online.
✅ Submit all the documents like PAN Card, KYC Proof, Bank Account Details and Address Proof.
✅ Verification is done by AMC/RTA.
✅ Funds are credited directly to your updated bank account once approved.
🔑 Smart Tips to Prevent Your Money from Becoming “Unclaimed”
1. Keep a Central Record of All Accounts
- Maintain a list of all your bank accounts, fixed deposits, insurance policies, mutual funds, and shares.
- Store details like account numbers, branch names, maturity dates, and nominee information in a secure place.
- Update this record whenever you open or close an account.
2. Update Contact Information Promptly
- Always update your phone number, email, and address with banks and financial institutions when you move or change jobs.
- Outdated contact details are a major reason why banks cannot reach account holders, leading to funds being marked “unclaimed”.
3. Nominate and Inform Family Members
- Add nominees to all accounts and investments.
- Inform trusted family members about your holdings so they can claim funds if needed.
- Many deposits remain unclaimed because heirs are unaware of their existence.
4. Actively Track Dormant Accounts
- Banks classify accounts as “dormant” if not operated for two years.
- Make at least one small transaction (deposit/withdrawal) annually to keep accounts active.
- Review old salary accounts or accounts opened during college or job changes.
5. Consolidate Accounts
- If you have multiple accounts across different banks, consider closing or merging them into fewer active accounts.
- This reduces the chance of forgetting balances in scattered accounts.
🌟By following these steps, you’ll ensure your money never slips into the “unclaimed” category and remains accessible to you and your loved ones.