Key Points

The campaign is run by the Department of Financial Services (DFS), Ministry of Finance, in coordination with the Reserve Bank of India, Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI) and the Investor Education and Protection Fund Authority.

The campaign, titled 'Your Money, Your Right', will be inaugurated by Union Finance and Corporate Affairs Minister Nirmala Sitharaman on October 4 in Gujarat's Gandhinagar, and the programme will run until December 2025.

During the campaign, the citizens will be provided on-the-spot guidance on how to search for their unclaimed assets, update records and complete the claim procedures, the official statement said.

Digital tools will be introduced, and step-by-step demonstrations will also be done during the campaign, it added.

Unclaimed financial assets, including insurance policy claims, bank deposits, dividends, shares, and mutual fund proceeds, often remain unclaimed due to lack of awareness or outdated account details, the release noted.

The campaign will encourage people to participate actively, spread awareness, and strengthen financial inclusion in every household, the ministry said.

It seeks to empower citizens by providing clear information on how to trace and claim their rightful money, supported by Standard Operating Procedures (SOPs) and Frequently Asked Questions (FAQs) developed by the respective fund regulators, to make the process simple and transparent.

A special financial inclusion exhibition will also be organised, featuring stalls from banks, insurance companies, mutual funds, and pension institutions, according to the statement.

Balances in savings and current accounts that remain inoperative for ten years, or term deposits not claimed within ten years from the date of maturity, are classified as unclaimed deposits and subsequently transferred by banks to the DEA fund maintained by the central bank.

- IANS