If you've invested in State Bank of India (SBI) shares, it's crucial to verify whether any of your dividends have gone unclaimed over the years. Factors like changes in address, updated bank accounts, forgotten old investments, or physical share certificates can lead to investors losing track of their rightful payouts. SBI recently urged its shareholders to check for any unpaid dividends.
The bank advised investors to visit its investor relations website and utilize the search facility under the 'Unpaid Dividend' tab to review their records.
When Unclaimed Dividends Transfer to IEPF
Under the provisions of the Companies Act, if a dividend remains unclaimed for seven consecutive years after being moved to the company's unpaid dividend account, the funds, along with any accrued interest, must be transferred to the Investor Education and Protection Fund (IEPF). Once this transfer occurs, shareholders must initiate the claim process through the IEPF Authority, rather than directly with SBI.
How to Check Unclaimed Dividends Still with SBI
If your dividend has not yet been transferred to the IEPF, you can ascertain its status directly on SBI's website.
- Visit the SBI Unpaid Dividends page.
- Enter the necessary details, including the bank name, dividend year, and either your folio number or Client ID.
- Provide additional information such as your first name, PAN, date of birth, joint holder's first name, or PIN code.
- Complete the captcha verification and click 'Search'.
How to Check Dividends Already Transferred to IEPF
For dividends that have already been transferred to the IEPF, a separate section on SBI's investor relations portal is available:
- Go to the SBI Unclaimed Dividends under IEPF page.
- Input your Client ID, investor name (first, middle, or last name), or PAN.
- Complete the captcha and click 'Search' to view any matching records.
How to Submit a Claim for Unclaimed Dividends
SBI offers two official channels for investors seeking assistance with their claims:
- KFin Technologies Limited (Registrar and Share Transfer Agent): Email them at einward.ris@kfintech.com
- SBI Investor Services: Contact via email at investor.seva@sbi.co.in
If your dividends and associated shares have already been transferred to the IEPF, you will be required to file Form IEPF-5 on the IEPF Authority portal and submit the specified supporting documents to process your refund claim.
Important Points to Remember
- Investors holding physical shares should use their 8-digit folio number.
- Those with shares in demat form should use their 16-character Depository Participant ID and Client ID.
- If an initial search yields no results, SBI recommends trying alternative combinations of details, such as using your folio number with your first name instead of your PAN.
What is the IEPF Authority?
The Investor Education and Protection Fund Authority (IEPFA) is responsible for administering the IEPF. It processes refund claims for unclaimed dividends, shares, matured deposits, debentures, and other related amounts. Shareholders, deposit holders, and their legal heirs remain eligible to claim refunds even after amounts are transferred to the IEPF, by filing Form IEPF-5 with the necessary documentation.