Money, like a boomerang, has a way of finding its way back to you. However, when it comes to investments, sometimes that return journey can get lost in the shuffle. Mutual funds are a popular investment option in India, and unfortunately, many investors are unaware that they have unclaimed money in mutual funds.
But what do we mean by Unclaimed money in Mutual Funds? How to claim it back? Let’s find out
Let’s say, Mr. Singh moved to a different city and forgot to update his address with the mutual fund house. As a result, he missed out on receiving his dividend payments and now has an unclaimed amount of Rs. 20,000 in mutual funds.
Or, Mrs. Gupta passed away without informing her family members about her mutual fund investments. Her family recently discovered that she had an unclaimed amount of Rs. 1 lakh in mutual funds.
In a nutshell, unclaimed investments in mutual funds are those that have been invested by an individual or a group of individuals but have not been claimed or redeemed due to incorrect or outdated details, or investors forgetting about the investment or passing away without informing their family members.
Now, one of the main reasons why investors end up with unclaimed money in mutual funds is that they do not monitor their investments regularly.
It is important to keep track of your investments, check your account statements regularly, and update your details if there are any changes. This can help you avoid missing out on dividend payments or losing track of your investments.
How to Find Out if You Have Unclaimed Money in Mutual Funds?
The first step to claiming unclaimed money in mutual funds is to find out if you have any. Here are a few ways to do so:
- Check with the Mutual Fund House: You can contact the mutual fund house where you had invested and inquire about any unclaimed investments in your name. They will ask for your personal information and may require documentation to verify your identity. Besides, the Securities and Exchange Board of India (SEBI) has mandated that mutual fund houses publish a list of unclaimed dividends and redemption amounts on their website. You can search this list to see if you have any unclaimed money in mutual funds.
- Check with the Registrar and Transfer Agent (RTA): The RTA is responsible for maintaining the records of investors in mutual funds. You can contact them and inquire about any unclaimed investments in your name. They may require documentation to verify your identity.
How to Claim Unclaimed Money in Mutual Funds?
Once you have confirmed that you have unclaimed money in mutual funds, the next step is to claim it back. Here’s how:
- Provide KYC Documents: The mutual fund house or RTA may require you to provide Know Your Customer (KYC) documents to verify your identity. This can include your Aadhaar card, PAN card, passport, or any other government-issued identity proof.
- Submit a Claim Form: You will need to fill out a claim form provided by the mutual fund house or RTA. The form will require you to provide details such as your name, address, investment details, and bank account information.
- Provide Proof of Investment: You may also need to provide proof of your investment in the mutual fund. This can include your investment statement, dividend statement, or any other relevant documentation.
- Wait for Processing: Once you have submitted the claim form and all required documents, you will need to wait for the processing of your claim. The timeline for processing can vary depending on the mutual fund house or RTA.
- Receive Your Money: Once your claim has been processed, you will receive your unclaimed money in mutual funds. The money will be transferred to the bank account provided in the claim form.
Redeeming your unclaimed or forgotten investments may appear to be a complex process. But to expedite the process of your unclaimed money, Rurash Financials can act like a one-stop shop for all your financial needs. With Rurash Demat Support Services, you can convert your unclaimed investments in mutual funds into profit-yielding money instruments. Here’s how we can help:
- Identify Your Unclaimed Investments: Our team of experts will help you identify any unclaimed investments in mutual funds that you may have.
- Recover Your Unclaimed Money: We will help you recover your unclaimed money in mutual funds by guiding you through the claim process.
- Convert Your Investments into Profit-Yielding Money Instruments: Once your unclaimed investments have been recovered, we will help you convert them into profit-yielding money instruments such as fixed deposits, bonds, or other investment options.
For any assistance and guidance regarding your unclaimed Money in Mutual Funds, Connect with our relationship manager now or write to: email@example.com