This is in the context of the ‘Your Fund Portfolio’ column that appeared in the June 29 edition of BusinessLine. I would like to thank the writer for giving very good suggestions to the question asked by Kailash. However, I think that the writer is not correct in saying “Bank deposits are insured upto ₹5 lakh per bank.” Request some clarity on this.

- Raghavendra

Thank you for your mail. As we understand, bank deposits are insured up to ₹5 lakh per bank. This amount of ₹5 lakh is an aggregate sum across all branches and all accounts (savings, term deposits, etc) maintained by an account holder with each bank. The insurance amount of ₹5 lakh is for each account holding pattern. For example, if a person holds an account in his single name (Account A), and another account jointly with another person (Account A + B), the ₹5 lakh insurance amount applies to Account A and also Account A+B separately.

With respect to the article ‘Reclaiming forgotten investments not an uphill task’ which was published on July 6, my experience has been that such things are easier said than done. It calls for a lot of patience as time limits are not adhered to when servicing our needs.

- Rajiv Singhal

As far as claiming forgotten investments from the Investor Education and Protection Fund (IEPF) goes, the writer has had a personal experience of reviving some old shares which were held in physical form.With prompt communications over e-mail, the process was completed within three months by the IEPF. The matter was dispensed with quickly, despite having an address and name mismatch (Aadhaar vs. Share Certificate) issue.

Readers can share their views and suggestions in the comments section on our website (thehindubusinessline.com/portfolio/), mail them to blportfolio@thehindu.co.in or tweet at us @blportfolio

comment COMMENT NOW