As per the information furnished by Insurance Regulatory and Development Authority (IRDA) and Reserve Bank of India (RBI) , the amount of unclaimed amount for insurance industry and Fixed deposits by all Scheduled Commercial Banks and EPFO department is given in coming paras.
RBI has alo directed all banks to post name and address of all inoperative/unclaimed accounts details on banks website.So one can easily search particulars of their relatives and their own accounts details online from Banks website by searching Names only. Further details can be checked from respective branches and amount can be claimed as per law.
Please Note that after change in banking regulation accounts older than 10 years can be transfered to “Depositor Education and Awareness Fund”. However IRDA and PF authority has banned the use of the money involved in this type of account for any other purpose.
What are your rights about inoperative Accounts :RBI guidlines
What are your rights about inoperative Accounts :RBI guidlines
i) Unclaimed amount in Insurance sector ` 3,037.46 crore (as on 31.03.2012).
ii) Unclaimed funds in Fixed Deposit ` 425.89 crore (as on 31.12.2011).
iii) Amount in Inoperative accounts in EPFO: 22636.57 Crore (2011-12)(provisional)
The Ministry of Labour and Employment has informed that there is no unclaimed fund lying with Employees’ Provident Fund Organization. However, there are certain accounts which are classified as Inoperative Accounts and all such accounts have a definite claimant. For the year 2011-12 an amount of ` 22,636.57 crore (provisional) is lying in Inoperative Accounts. The Government has not chalked out any policy to utilize this money.
An account becomes inoperative when there are no credits in the account for 36 continuous months. However no interest will be credited on the EPF accounts which have been in-operational for 36 or more months as on 1st April 2011.
Read more: http://www.simpletaxindia.net/2011/04/is-your-epf-ac-inactive-time-to-act-now.html#ixzz236uirZCk
However,
(i) In respect of unclaimed amount in insurance industry, IRDA has advised the insurers that unclaimed sum would not be appropriated/written back.
An account becomes inoperative when there are no credits in the account for 36 continuous months. However no interest will be credited on the EPF accounts which have been in-operational for 36 or more months as on 1st April 2011.
Read more: http://www.simpletaxindia.net/2011/04/is-your-epf-ac-inactive-time-to-act-now.html#ixzz236uirZCk
However,
(i) In respect of unclaimed amount in insurance industry, IRDA has advised the insurers that unclaimed sum would not be appropriated/written back.
(ii) In respect of unclaimed funds in Fixed Deposits, the Government has introduced the Banking Laws (Amendment) Bill, 2011 wherein provision has been made for the establishment of a “Depositor Education and Awareness Fund” to take over inoperative deposit accounts which have not been claimed or operated for a period of 10 years or more.
(iii) The Ministry of Labour and Employment has further informed that the amount lying in the Inoperative Account under Employees’ Provident Fund Organization cannot be utilized except for the settlement of the members’ account.
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