Over Rs1 Lakh Crore Lying in Inoperative Bank Accounts on Way To Becoming Unclaimed Funds
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- เผยแพร่เมื่อ 4 ต.ค. 2024
- The finance ministry informed Parliament of a surprising 28% increase in unclaimed deposits to Rs42,270 crore on 31 March 2023 (against Rs32,934 crore during FY21-22). Get ready for an even more staggering truth: this figure of unclaimed deposits represents a mere quarter of the money that is locked away in ‘inoperative’ bank accounts.Watch this week’s video as Sucheta Dalal explains how inoperative bank accounts are a bigger mess than unclaimed deposits.
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I have some thousands of rupees in the Central Bank in Kopar Khairne, Navi Mumbai but we got shifted to Erode, TamilNadu. We haven't used it for 4 years now.
The furnishing of false information (42k crore vs 103k crore) to parliament be taken up , it is very serious.
Very well explained. Very good job!
Hello moneylife, if you could kindly take up the issue of banks not accepting form 15g as per new tax regime, wherein basic exemption limit has gone up from 2.5 lakhs to 3 lakhs, but banks are still considering 2.5 lakhs as interest threshold for acceptance of 15g. Thanks in advance.
You have covered one side of coin and miss the complete and comprehensive coverage. PSBs are very soft target ma’am …..
Well said ma'am ..... Dormant money should go to the rightful owners ..... Efforts should be made ..... After all that's y huge taxes are paid to the govmt coffers ..... From the shallow pockets of these dormant account holders, this money should not be added fo the already deep govmt coffers
Further, lazy SBI should be pulled up for sleeping on relevant data, part of their detailing
And a happy 2024 to you too ma'am❤
Citizens are paying taxes to host lazy '..crats' of all shapes & sizes!
It will not be. This government and its friends have been on a serial looting spree, and a large proportion of India's voters are loving it
We have some shares of Cummins For the last 4-5 years running from pillar to post to claim but rejected on one pretext or another
Suddenly receive a visit from one person saying they can solve the issue for 10% market value !!! This is a huge scam ; how many others in the same situation??
One must go back to roots !why and how does so much money lie in banks while our stock markets look so poor and obviously the frauds , mis management and lack of faith in our markets is well reflectedb
Totally agree! Your videos are so informative. Thank you so much ❤. Keep them coming. And madam FM....don't think she really cares!
Same is the case with Post office savings. Probably, it may have bigger amunt than all the banks put together. Also LIC of india's matured as well as lapsed pollicies.
Yes ,I agree with you. I have a bitter experience with the postal department. I bought NSC in 2008 or so . Afterward,when I approached to claim my amount after the expiry of tenure,the staff informed that due to the undertaking of the modernisation of records ,the postal branch was closed and all records were transferred. Since then I have been roaming around the staff. They are callous and most unresponsive. I told them that since I am 70+, I am having difficulty in visiting the post office. Even a male staff member who was muscular threatened me. When I wanted to meet post Master,they did not all me .The amount is Rs.8000/-. I have almost given hope to get back money. Now, I am totally bedridden. Lesson-shun postoffice.
Post office unclaimed savings Funds transferred to A
SCWF fund
Please do one on assets as well. My parents had some shares somewhere, I have no idea where what and why. No idea where to even start
From my short stint as bankers this issue of inoperative account problem is mainly due to laxity or rather plurality of documents for opening of account (using any deemed OVD). I believe this will come down significantly as more bank push for aadhar and pan linkage, coz instead of transferring customer normally go for opening new account using another OVD..
People change location, addresses, phone, they die, relatives don't know, or are not aware or too overwhelmed by grief, children go on to study, migrate, become busy. AADHAR can play a role but it's complicated to claim.
Very informative, keep up the good work . But how we common people can solve it ?
Udgam Portal is Not User friendly.Restrictions on Number of Logins and Searches
Mam, my epf rejected for 4 times. Now, it is declared inoperative. My friend lic policy is rejected multiple times ..
Great. I don't have time to read your email articles. Today I wished if u have TH-cam channel. I foun with single click .
Happy new year
Let's do bail in after already charging taxes on the same money.
Food for thought, wow, totaly agree
Accounts are marked inoperative these days due to over enthusiastic banks, who push users ti make at least one withdrawl every 6 months, else they make account dormant and then inoperative. This is also due to repeated documentation requirement in name of kyc related hurdle placed on users.
Due to complex documentation requirement process followed in India,
I need to open and maintain multiple psu bank accounts in diff areas of country for permanent address, current address etc and these account need to be maintained regularly. Its like a bureaucratic curse placed on common man.
Commendable work!
Very informative
Thank you ma'am
Its okay if people are claiming, rightfully or wrongfully then, they can still hold it. But rest shd go to the government.
Thanks madam
Cool ❤
Very dignified. After entire video, a single line, do like, share, subscribe. Other videos make noise to subscribe. Wish moneylife runs a tv channel too after congress forms govt . And a stock market related channel too. .
👍
Hello madam, what if I know the government rules and I have left the account inactive intentionally so that the government benefits rather than an unintentional beneficiary? Do you have a mechanism to identify the treacherous beneficiaries or are you in your world of utopia that all inactive or inoperative accounts belong to inheritance?
I know you have done some great work in the past. But don’t take it as a leeway to propagate your agenda.
Don’t speak for the dead unless you know them for sure.
Haha you can sure put those money for better use than making it stay inoperative..
Financial education today is a race between experts striving to impart better and idiot-proof knowledge about money and savings and the Universe trying to produce bigger and better numbskulls. So far, the Universe is winning. Congratulations for remaining locked in your utopian Universe.