What are IEPF shares?
The Employee’s Provident Fund Organization is a government organization working under the Ministry of Labor and Employment. As the name suggests, it manages a pension fund for its members — a pool of money that is used to pay out the employees when they retire from service.
It also stands for Income-Tax Free Saving Scheme and is a scheme for buying and selling shares without paying any tax. IEPF is a scheme that offers tax benefits and is a part of the National Saving scheme which was launched by the Government of India. This scheme allows investors to save money or to invest their savings in shares for higher returns. It offers tax benefits as the principal amount and interest earned under this scheme are not taxable.
How to make a Claim?
If you are an investor, you can claim the mutual funds you hold in your Demat account. The first step is to identify which funds you want to claim. You can do so by logging on to the IEPF website (www.iepf.in) and downloading the claim form, filling it up, and then attaching all the relevant documents. The second step is to send the duly filled claim form along with the relevant documents to the concerned branch office of your fund house. The fund house will then process the claim on your behalf and then send the claim to the authorities for further checks. If the claim is approved, the fund house will credit the amount to your account.
Benefits of an IEPF Claim
When you buy a policy from an insurance company, it is mostly not because you want to receive the benefit of your investment, but it is because you want to get the loan that you can get using your insurance policy as collateral. However, such loans get extremely easy to get if you have an iepf claim because the industry thinks that the policyholder is a man of his words and paid all his dues on time. The benefits of an iepf claim extend beyond insurance policies, and extend to other financial products (like car loans and home loans) and even to government schemes (like bank loans). The financial world will start looking at you in a whole new light, and that light is one that lights up your dreams. You will no longer be getting turned down for loans (and you should remember that every such loan will bolster your future financial standing even further).
IEPF refunds
Any person whose unclaimed or unpaid amount has been transferred by the company to the Government of India via the Income Tax Department may claim their refunds by filing Form IEPF-5 along with all required supporting documents with any branch of the bank that has an RBI account.
Follow these 5 easy steps:
Download the IEPF-5 claim form from the IEPF website for requesting refunds.
Once you have filled out the application, save it to your computer and then upload it. Tracking the form will be easier with the SRN.
Print the duly filled out IEPF-5 and the acknowledgment issued upon uploading the form.
Submit original indemnity bond and self-attestation of e-form to the Nodal Officer (IEPF).
All claims forms will be verified by the company concerned.
The risk involved in IEPF
In most cases, the customer takes the risk. In some cases, the insurer may take the risk. In any case, the risk lies with the party that knows the least about a partnership, which is the customer. In general, there is no surefire way to tell exactly when a counterparty will stop paying its claims, but there are ways to make a guess.
IEPF authority
The Government of India has set some ambitious economic milestones for itself to achieve by 2024. To achieve these goals amounting to more than 5 trillion dollars, it has come up with some initiatives to reorganize the nation's financial and economic sectors. Be it demonetization or any other reform movement, the Indian government is committed to helping its country reorder its finances so that every common man can easily connect with them. One way to achieve this goal was by setting up an authority for investor protection called IEPF in 2016.
Why choose Infinity solutions!
Whenever you are in doubt or feel that there are some opportunities that you have missed, then do not hesitate to call on us. Through our partnership with the best professional experts, we make sure all your dreams come true through a step-by-step approach. We can assist you in claiming your rightful assets so that these valuable papers will fulfill their original purpose to help you realize your hopes and dreams!
From KYC (know your customer) paperwork and signatures to getting your securities materialized, we’ll make sure you get all of your documents in order. We can even help you with the tracking of your investments and the issuance of duplicate share certificates and their credit in your Demat account, among other services. If any shareholder needs to claim shares from IEPF into their account or records increased bank balance with increased interest, dividends, or bond/debenture values that have remained unclaimed for all these years, we can do all that too!
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