Unclaimed or unpaid deposits refer to financial assets, investments, or property that have been dormant or inactive for an extended period due to various reasons. In India, billions of rupees worth of financial assets such as shares, dividends, deposits, and insurance policies lie unclaimed, often forgotten by their rightful owners.
To address this issue, the government has established two crucial schemes: the Investor Education and Protection Fund (IEPF) and Reserve Bank of India's Depositor Education and Awareness Fund (RBI DEAF Scheme). These initiatives aim to ensure that unclaimed assets are returned to their lawful owners or contribute to the welfare of investors and depositors.
The Investor Education and Protection Fund (IEPF) was introduced under the Companies Act, 2013, with the primary objective of safeguarding the interests of investors.
IEPF is administered by the IEPF Authority. IEPF serves as a repository for unclaimed dividends, matured deposits, and the proceeds from the sale of shares, among other financial assets of the investor. Funds in unclaimed accounts are transferred to the IEPF after a dormant period of 7 years.
The RBI DEAF Scheme is another avenue for the recovery of unclaimed deposits with banks. It is managed by the Reserve Bank of India and serves as a means to educate depositors about various banking products and services.
As of September 2023, RBI has also launched a website called RBI UDGAM using which family members can search for dormant or unclaimed deposits at various Indian banks.
Locating the unclaimed deposits in IEPF or RBI DEAF is only the first step in asset recovery. Understanding the eligibility criteria, documentation, and compliance requirements for refund can often be a daunting task.
That's where Yellow comes in. We have a dedicated team of experts with specialised knowledge of IEPF Authority and RBI DEAF. Our mission is to simplify this process for you, ensuring that you can effortlessly reclaim what's rightfully yours.
With a team of 500+ specialised agents, lawyers and CAs across India to help take care of all the legalities and paperwork, we offer the most comprehensive and hassle-free solution nationwide.
Navigating the aftermath of a loved one's passing and the complexities of asset transfer can be overwhelming. Yellow is here to provide the guidance and support you need.
We have received your response.
We’ll get back to you within 48 hours from +91 80454 46795
so please save this number.