When a bank account remains dormant for a long period or when an investment is matured but the amount is not credited to the investor’s account, the concerned banks or financial institutions mark it into the ‘unclaimed’ category. As per the Reserve Bank of India’s (RBI) regulation, if an account or the maturity amount remains inoperative continuously for 10 years, it is marked into an unclaimed category. When people die suddenly and nobody in their family is aware of their bank accounts and investments, their entire financial effort is wasted as money in their account and investments, goes into unclaimed deposits. So, what should you do to avoid such a situation if you die suddenly? Let’s find out how you can keep the family informed about your bank accounts and investments.

Also Read: What Are The Premature Exit Rules And Penalties For Senior Citizen Savings Scheme?

Which Financial Information Could Be Important For Your Family If You Die Early?

You must ascertain which financial information would be important for your family if you die suddenly. It can be details related to all your savings and current bank accounts. For bank details, information such as bank name and branch, account number, account name, type of account, nomination details, etc. would be crucial. For investments, information such as type of investment, amount in each investment scheme, nominee details, account number of each investment, etc. would be important.

Make A List Of All The Important Things And Keep It In A Physical Folder

Make a list of all your investments, write it down on paper and mention all the necessary details related to each instrument. You can make a physical folder consisting of papers and proof of all the investments along with the list you have created. You can keep the folder in your bank locker or safety vault and inform your family members about it.

Also Read: 5 Types Of Pension Plans To Consider For Retirement Planning

Keep A Copy Of All Bank Account Details And Investments In A Secured Cloud Storage

To add a second layer of safety, you can keep a digital copy of all the investment details in a cloud storage such as in your email folder or Google Drive.

Make A Will And Mention The Asset Details In It

Make a will as early as possible in your career. In your will, you must mention the details of all your assets and should also include the information related to your investments, insurance, bank accounts and details of the nominee linked to each instrument. Review your will from time to time. If you open a new bank account or make a new investment, it should be updated in your will as well.

Finally

While it’s important to inform your family about details of all your investments and bank account details to avoid trouble if you suddenly die, it is also important to share with them your other crucial financial information such as existing credit cards, outstanding loan details, life insurance policies, details of money lent to others, etc.

The author is an independent financial journalist.