How will you benefit from investing early in mutual funds?
What is the right way to invest in mutual funds? How will you benefit from starting investment in mutual funds early? How is compounding beneficial in SIP?
An estimated Rs 49,000 crore is lying unclaimed with banks and insurance companies, minister of state for finance Bhagwat Karad informed the Rajya Sabha on Tuesday. The data on the unclaimed amount is till December 31, 2020.
The total amount of unclaimed deposits of banks stood at Rs 24,356 crore, as on December 31, 2020, shows RBI data.
He further said that as per the Insurance Regulator Development Authority of India (IRDAI), the total amount of unclaimed amounts of policyholders in public and private sector insurance companies was at Rs 24,586 crore (end-December, 2020).
Also Read | Where there is a will, there is a way
The RBI framed the Depositor Education and Awareness Fund (DEAF) Scheme, 2014. As per the Scheme, unclaimed amounts lying with banks are credited to the DEAF by banks and DEAF is subsequently utilised for the promotion of depositors’ interest.
The RBI has advised banks to play a more proactive role in finding the whereabouts of the account holders of unclaimed deposits/inoperative accounts, Karad added.