Here’s How to Claim your Investments in Mutual Funds, FDs and Dormant Bank Accounts
As a Non-Resident Indian (NRI), you may have investments in India that you have lost track of or are unaware of their current status. These unclaimed investments could be in the form of mutual funds, fixed deposits (FDs), or dormant bank accounts. The good news is that there are processes in place to help you claim these investments and ensure that your hard-earned money is not left unattended.
Unclaimed investments refer to funds that have been forgotten, neglected, or abandoned by the owners. This could occur due to various reasons, such as a change of residence, lack of awareness, or simply overlooking the investments. The Reserve Bank of India (RBI) has launched various initiatives to help individuals claim their unclaimed investments.
Unclaimed Mutual Funds:
If you have unclaimed mutual funds in India, it is crucial to initiate the process of claiming them. Here’s what you need to do:
? Gather Information: Collect all the necessary details related to your investments, such as the name of the fund, folio number, and the asset management company (AMC) managing the fund.
? Contact the AMC: Reach out to the respective AMC and inform them about your unclaimed investments. They will guide you through the process of claiming your funds. Provide them with the required documents, including your identity proof, proof of residence, and any additional documentation they may request.
? Complete Verification: The AMC will conduct a verification process to ensure that you are the rightful owner of the unclaimed investments. This may involve submitting additional documents or undergoing an identification process.
? Claim Settlement: Once the verification process is complete, the AMC will initiate the claim settlement. The funds will be transferred to your designated bank account.
Unclaimed Fixed Deposits (FDs):
FDs are a popular investment choice in India, and if you have any unclaimed FDs, follow these steps to reclaim them:
? Locate the Bank: Identify the bank where you hold the unclaimed FDs. This can be the bank where you have an NRI account or any other bank where you may have opened an FD in the past.
? Contact the Bank: Get in touch with the concerned bank’s customer service or the branch where you opened the FD. Inform them about your unclaimed FDs and request guidance on the claiming process.
? Provide Necessary Documentation: The bank will require specific documents to verify your identity and ownership of the FD. These may include your passport, proof of residence, FD certificate (if available), and any other documents requested by the bank.
? Claim Settlement: Once the bank verifies your details, they will initiate the claim settlement process. The funds, including the principal and any accrued interest, will be transferred to your designated bank account.
Dormant Bank Accounts:
Dormant bank accounts are those that have been inactive for a significant period, usually exceeding a specified duration set by the bank. To reclaim funds from such accounts, follow these steps:
? Locate the Bank: Identify the bank where you have the dormant account. This could be the bank you used while residing in India or the one where you held your NRI account.
? Contact the Bank: Reach out to the bank’s customer service or the branch where the dormant account is held. Inform them about your dormant account and express your intention to reactivate it.
? Provide Identification: The bank will require proof of identity and residence to reactivate the dormant account. Submit the necessary documents, including your passport, proof of residence, and any other documents requested by the bank.
? Account Reactivation: Once the bank verifies your details, they will reactivate your account, making it accessible again. You can then proceed to withdraw the funds or transfer them to another account as per your preference.
As an NRI, it is essential to stay informed about your investments in India and take proactive steps to claim any unclaimed funds. The RBI’s initiatives, such as the “100 Days 100 Pays” campaign, aim to facilitate the process of locating and returning unclaimed deposits. By following the appropriate steps outlined for mutual funds, FDs, and dormant bank accounts, NRIs can ensure they reclaim their investments and put them to productive use. Remember to gather all necessary documents, reach out to the relevant institutions, and provide accurate information to expedite the claiming process.
If you are an NRI looking for expert assistance in managing your financial investments in India? Visit Rurash Financials today to avail yourself of our comprehensive NRI services.
Take control of your unclaimed investments in mutual funds, FDs, and dormant bank accounts. Our team of financial experts will guide you through the process of reclaiming your funds, ensuring a smooth and hassle-free experience.