PPF NSC Unclaimed Money: Every person tries to invest his money in the right place. Even today, a large number of people in the country prefer to invest in government schemes because there is no fear of losing money in it. Public Provident Fund, National Saving Certificate, Senior Citizen Saving Schemes These are government schemes in which you can get maximum returns by investing. These schemes have a maturity period, after which you can withdraw the entire amount deposited in the account, but if you do not withdraw the money deposited in these schemes even after maturity, then the amount deposited in the account will be withdrawn. Unclaimed Money is taken. In such a situation, the biggest question that arises is what does the government do with these unclaimed amounts. Let us tell you why the amount of government schemes remains unclaimed and what the government does about it. Along with this, whether the account holder can withdraw this amount later or not.
Why do PPF and NSC accounts remain unclaimed?
While investing in every scheme, its maturity date would be known but, many times it has been seen that even after the completion of the maturity period of the scheme, the account holders do not come to claim it. The reason for this is that the account holder has died and his family is not aware of this investment. Along with this, sometimes due to lack of nominee in the account, there may be trouble in withdrawing money. The maturity period of National Savings Scheme is 5 years and that of PPF is 15 years. If no one claims the money deposited in the account after some time of maturity, then these money is put in the category of a special account.
Unclaimed amount is transferred to this particular fund
Let us tell you that if you do not claim the money of PPF, NSC or any other government schemes within some time of maturity, then it is put in the category of unclaimed amount. After this, it is waited for 7 years that someone should come to make a claim for this money. If no one claims the money even in these years, then these money is deposited in the Senior Citizen Welfare Fund. This special fund was created by the government in the year 2015. First of all, banks try to contact PPF, NSC account holders after maturity, but if any kind of contact is not established, then these money is deposited in Senior Citizen Welfare Fund after 7 years. After this, the account holder can withdraw that money from the Senior Citizen Fund within 25 years. Along with this, post offices provide the facility to track unclaimed funds. We are giving you information about this.
Track your funds like this-
1. For this, you first login to the official website of the post office www.indiapost.gov.in.
2. Then click on Banking and Remittance option.
3. After this select Senior Citizen Welfare Fund.
4. After this you select your account type KVS, PPF, NSC or any other government scheme.
5. After this, you will get the information about such unclaimed account according to the state.
6. By taking account information, you can claim for it later by going to the post office.
read this also-
FD Rates Increased: Good News for ICICI Bank customers! Bank decided to increase interest rate on big FD, see new rates here
Elon Musk Twitter Deal: Elon Musk once again sent letter to buy Twitter – report