Did you know that HDFC Bank is India’s biggest housing finance company?
Plus, it was the first bank to get approval from the RBI (Reserve Bank of India) to function as a bank in India’s private sector.
Surprising, isn’t it?
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If we’re speaking of HDFC Bank, then we’re looking at a bank and a financial institution with 427 branches connected in the country and overseas.
Known as Housing Development Finance Corporation and headquartered in Mumbai, HDFC Bank Ltd. is a notable institution that has its reputation to aid mainly the low and middle class individuals along with businesses in India with housing loans for real estate purchases.
Apart from that, it is also a popular name among builders and construction companies, retail sectors, etc, for quick credit options in the form of diverse housing loan options.
Owning shares from HDFC Bank, therefore, makes enough sense if you want to own fruitful and quality assets, which you can put to use meaningfully in the future.
If you already own shares from this bank, and you haven’t claimed it, then it’s important for you to look for a fast recovery of unclaimed shares & dividends to progressively manage the shares.
This post might be able to help you with that.
Brief Overview of Unclaimed Shares and Dividends
The unclaimed shares and dividends from HDFC bank means the shares you own from the bank by purchasing it, which, for many reasons, have not been claimed by you for a short or long duration.
A governmental body called the IEPF (Investor Education and Protection Fund) created by the Ministry of Corporate Affairs (MCA), manages the unclaimed dividend from all shareholders.
It works like this: When you miss claiming your shares for reasons such as negligence, work clutter, a mishap, or other causes – and if this happens for consecutively 7 years in a row – then your shares or dividends are considered as ‘unclaimed’.
Per official regulations, these ‘unclaimed’ shares get transferred to the IEPF authority, which protects them in your ownership. This factor means you still own your shares from HDFC Bank, now with IEPF protection because you haven’t claimed it for a long time.
Reports from HDFC bank state that the bank transferred 3,48,171 shares to the IEPF authority in 2021, which may contain your shares as well if you haven’t, of course, claimed it yet.
Therefore, it’s important for you to get ready for the recovery of unclaimed shares & dividends of HDFC bank from IEPF as soon as you can.
Importance of Understanding the Recovery Process
Unclaimed dividends or shares means a lot to the shareholder or the investor when it comes to ownership of shares, because it serves as a vital document in the financial profile of the person or the company (if the company itself is a shareholder of HDFC bank).
Not only can you use the share certificates as a financial document for your business or personal profile, but you can also implement them for better financial returns in the future.
If you’re not doing anything to get back your unclaimed shares, then you are missing out on vital rewards or financial productivity that you are otherwise meant to derive.
While you still have time, you should make attempts to claim your shares following the IEPF regulations as they are the gateway to officially restore the ownership of your shares that are rightfully yours from HDFC bank.
Understanding Unclaimed Shares and Dividends
To understand the unclaimed shares and dividends you have from HDFC bank, you want to define the status of these shares at the present moment.
The said status might address things such as the value of the shares and their ownership details, i.e. the number of shareholders/ investors. This information can help you additionally to conduct the process for the recovery of unclaimed shares from IEPF.
To find out the present status of the HDFC bank shares that you own, you need to log in to the IEPF portal where you can track the HDFC bank unclaimed shares with the specific shareholder information.
You are likely to find this information here. However, if you can’t, then you may reach out to the company you have shares from – in this case, the HDFC Bank – and contact the nodal officer to check your share status.
HDFC bank might help you with this additionally if you check the portal of the bank’s unclaimed deposits enquiry page in its official online portal.
This is exactly where the process of claiming begins, on which the next point can be of assistance.
The Recovery Process of Unclaimed Shares
Note that the recovery process is chiefly done with the IEPF online portal using a form called the IEPF Form 5.
A few points mentioned below can delineate the process more methodically for you:
Verification of Eligibility
This factor means you have to justify your identification documents and if they are connected with your share certificates legally, which makes you the legitimate owner.
Your PAN, Aadhar details, bank account information, and more are taken into account along with your share certificate number and details, i.e. your demat account number, proof of entitlement, indemnity bond, etc. The IEPF authority cross-checks them to find out whether or not you are the rightful and legal owner of the shares.
In case the shareholder passes away, then you need to provide a death certificate too.
Filing a Claim
With the verification process being over, you officially enter into the claim filing process. You can file a claim for IEPF unclaimed shares, debentures, sales proceeds, deposits, application money or redemption proceeds (from preference shares), and many more using the IEPF portal.
Go to the IEPF-5 form and collect the aforementioned documents along with the company identification number or the CIN to file a claim to the IEPF authority. If you are a shareholder from another country from India, then you might want to submit your Passport/ OCI/ PIO card number as an additional document to authenticate your share certificate ownership.
Submission Process
You are almost there as you have finished the major documentation part of the whole process. Now, it is time for you to make the final checks of the IEPF form-5 and print it out to submit it to the concerned authority.
Your job is to reach the IEPF nodal officer, also known as the registrar, of the company that sold you shares, in this case, HDFC bank. Submit the documents to this officer, who will then take the process to the next level.
Key Steps for Claiming Unclaimed Dividends
Now that you have understood and also finished the process of the application and submission of the IEPF-5 form to the nodal officer, then here is where you have got things to know.
Understanding Claim Periods
Of course, the shares can be claimed when, after seven years, the company (HDFC Bank) transfers your shares to the IEPF authority.
Once the IEPF form-5 submission is done, you should know that it takes 15 days for the company to send a verification report to the IEPF authority, which must act on refunding the shares you own within 60 days.
Claim Submission Process
The unclaimed dividend is only reimbursed when the verification process is finished without a single issue.
This might be a ‘cluttered’ phase because there might be hiccups to this process because of documentation errors, mismatch, and other issues.
Role of Financial Consultants
Please note that the recovery of the unclaimed dividend from IEPF is an intricately complex process, which has tricky documentation needs and verification phases.
To get the easiest solution to this, you may need to find a professional consultant organisation for unclaimed investment recovery. This is because the consultants working on these platforms can suggest the correct and easy ways to get back your unclaimed dividends faster.
Common Challenges in Recovery
Typical issues faced by claimants for IEPF claims of HDFC Bank shares are:
- A lack of share certificates and documentation.
- Delays in processing the claims you made using IEPF form-5
- Misunderstandings regarding the eligibility of the claimant for the unclaimed share
The recovery of unclaimed shares & dividends is a process where you are not likely to find a short avenue. However, the process can be made simpler and more comfortable if you have a professional consultant with you for unclaimed shares recovery.
We at Infiny Solutions do exactly that so that you can claim your shares with zero hiccups and clutter. Trust our consultancy services not only to get your unclaimed HDFC bank shares from IEPF quicker but also to keep your personal and share-related documents safe throughout the process.
Contact us at 90279 00537 or info@infinysolutions.com to learn more about our consultancy services.
RECOVER YOUR LOST WEALTH
Helping you liquidate your lost shares, unclaimed investments and dividends
UNLOCK YOUR WEALTH
Fill out the form below to contact us