How to claim unclaimed deposits and investments? All you need to know
unclaimed investments, we will look into the use of technology, fees and the role of retrieval advisory platforms. In the first part, we looked into how to check your unclaimed deposits and investments, documents and the steps you need to take to make a claim. You can read it here: In this final instalment on unclaimed investments, we delve deep into the crucial aspects of technology's role, fee structures, and the pivotal function of recovery advisory platforms.
When carrying out the process, one might wonder about the fees for claiming unclaimed deposits and investments. “Government does not charge any fees in lieu of returning these assets. The owner of the unclaimed asset pays only for the hand-holding services delivered by any individual/company, but services are voluntarily sought by the asset owner himself/herself," said Vijai, Co-founder of Jeevantika Consultancy Services. However, one might have to pay money to obtain certain legal documents.
“Some legal documents like affidavits/indemnity bonds, etc., need to be submitted. You might have to hire a lawyer. Also, in the case of deceased investor, legal heirs rights have to be proved, which may require court orders such as Succession Certificate/Letter of Administration or Probates, etc., which will involve substantial costs," said Ankit, Advocate and Founder of Garg Law Chambers (GLC). It might be challenging for individuals to claim their or their parent's unclaimed investments.
This is where recovery platforms can help people from start to end. They charge a fee based on the amount of assets recovered. “Many clients approach us intending to reclaim a specific holding, only to discover through our advanced search platform that additional assets are tied to their
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