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| ‘Rs 25,000 crore of senior citizens’ money lying unclaimed in post offices, families unaware’ | | | Early Times Report
Jammu, Apr 3: A staggering Rs 25,441 crore belonging largely to senior citizens remains unclaimed in post offices across the country, raising concerns over awareness and financial tracking among depositors and their families.
Official data tabled in the Rajya Sabha reveals that while authorities have managed to refund Rs 2,280 crore to depositors and legal heirs over the past three financial years, a massive amount continues to lie unattended in various postal savings schemes.
Post offices have long been a preferred choice for senior citizens due to higher interest rates compared to banks and other financial institutions. Many elderly individuals invested their lifetime savings in these schemes, often without adequately informing their family members.
In several cases, the deposits remained unknown to heirs, resulting in the funds going unclaimed after the demise of the account holders.
According to the government, the Department of Posts operates National Savings Schemes under rules framed by the Department of Economic Affairs within the Ministry of Finance.
Funds mobilised through these schemes are deposited into the National Small Savings Fund (NSSF). As per norms, savings accounts and certificates are classified as unclaimed if they remain inactive for 10 years from the date of maturity or last transaction.
Such funds are then identified annually under the Senior Citizens Welfare Fund (SCWF) scheme, 2016, after which they are transferred by the Ministry of Finance to the designated fund.
The data underscores the urgent need for better financial awareness, proper documentation, and timely communication within families to ensure that hard-earned savings do not remain locked away indefinitely. |
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