In present times, earning public have shown a trend to invest in saving money for future and other reasons.
Many financial experts strongly recommend saving at least 10% of earnings.
Based on this, the current youth generation itemise the expenses for future events such as buying a house, marriage, education of children, and other unforeseen medical expenses so that they need not look for help from others during the advanced age and start saving immediately after they get a job!!
Earlier, there was a trend when many financial institutions offered attractive interest and then cheated. Aware about this, the current trend is to prefer saving in Provident Fund or Bank Fixed deposits even if the interest rates are somewhat lower! But, security is better with these investments.
All employees working in private or public sector should start saving a certain amount as Provident Fund in one of the above reliable saving investments.
When investing in private sector, it offers to contribute an equivalent amount as provident Fund which will be credited to the investment made and will continue to grow.
Hen retiring, this saving will be refunded with the calculated annual interest rates.
This fund is generally known by several names. The money invested by public in these funds is called Public Future deposit fund or Public Provident Fund, The money invested by the employees is called Employee Furture Provident Fund.
However, there are several instances when this sort of Provident Fund savings remain unclaimed at the due time and remain in the account.
Similarly, other investments like insurance are also lying in the accounts remaining unclaimed when due.
As per the records released by the Provident Fund Organisation, the total of unclaimed accounts is Rs. 26,498.61 Crores as on 31st March, 2013.
The government has announced that the unclaimed amount remaining in the commercial banks is Rs. 5125.98 Crores aAs on 31st December, 2013.
Combining all these unclaimed amounts, it works out to be a whopping Rs. 40000 Crores of public money!
It is well worth noting that these savings have been made by the common public under severe strain in small amounts over a long period.
Hence, it would be proper & excellent if efforts are made to hand over these unclaimed lying with different financial institutions to locate the concerned or their heirs and release their rightful money!
Further, awareness about this should be created among the public!
A seprate institution can be set up for this front on the issue of unclaimed Provident Fund, Insurance, and Bank deposits where all information are immediately passed on when claims are made and all help extended to release the money to the rightful claimers!
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