Unclaimed Money: Many individuals inadvertently forget about funds held in their savings accounts, insurance policies, shares, and other schemes. Often, people pass away without their heirs having the slightest clue about the existence of these funds. However, there is no longer any need to worry. The government has decided to take the initiative to return all unclaimed money currently lying dormant in banks.
The Department of Financial Services, under the aegis of the Union Ministry of Finance, has launched a new common portal. This portal is set to prove immensely helpful to the public. Its primary function will be to assist people in locating unclaimed or dormant funds held within various financial institutions.
According to the government, this initiative will also simplify the process for individuals to reclaim their money. In essence, if funds belonging to you—or your ancestors—are currently lying dormant in a bank, you will now be able to retrieve them.
Access to Comprehensive Information
The new portal has been launched by the Ministry of Finance under the initiative titled “Your Money, Your Right.” It has been developed in collaboration with the PSB Alliance. Through this platform, users can conveniently access information regarding dormant or unclaimed bank deposits, insurance claims, unclaimed shares, dividends, and dormant mutual fund holdings—all from a single centralised location.
How It Works
By visiting the portal, users can enter their name, PAN number, or other necessary details. Subsequently, the system will assist in searching for relevant information across the databases of various financial institutions. This eliminates the need for individuals to navigate through multiple websites or visit different institutions in person; all pertinent information can now be accessed through this single, unified platform.
Why Is This Portal Significant?
The government believes that this portal will play a pivotal role in enhancing financial transparency and helping individuals reconnect with their forgotten assets. It is expected to prove particularly beneficial for families and legal heirs who may be unaware of the existence of their deceased relatives’ old bank accounts, insurance policies, or investment portfolios.
