Did you know that a whopping total of ₹42,272 crore are sitting with banks as unclaimed deposits as of the end of March 2023, and around ₹2,637.94 crore of unclaimed dividends and units are lying with mutual fund (MF) houses?
The shares, dividends, and debentures that have remained unclaimed for seven years or more get transferred to the Investor Education and Protection Fund (IEPF), a repository set up under the Companies Act of 1956. Deposits and interest left unclaimed for over 10 years in inactive bank accounts are transferred to the RBI Depositor Education Awareness Fund (DEA Fund).
