There is over Rs 82,000 crore unclaimed money lying with the banks. This includes money from inoperative bank accounts, insurance claims and mutual fund investments. The unclaimed money in the banks is due to reasons like not assigning a nominee by the investors. More often the family is not aware of the investments their closed ones have made. This leads to money not reaching them when the investor is no more. Money9 Helpline hosted My Wealth Protector CEO Nirmal Rewadia to help you understand how you can avoid such mistakes.
Rewaria: So the basic reason most of the people don’t state their investments to the family is that once they get to know about how much money is there, there’s a tendency they will have demands and will ask to spend it on those demands. So when disclosing your investments to family, it is not important that you tell them each and everything. However, you should put the information of all your investment data in a hard copy or soft copy format, so that in case you are not there, your family is able to know the exact details about your investments. They are aware of what all is there, in case something happens to you. You can also put down the bank account number, policy number or scheme numbers to help them, if not tell them how much money you have kept.
Watch the full video to know more…
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