What is 'unclaimed money' and why should we be worried about it?

Let me begin by sharing a news article on 'unclaimed money'

https://economictimes.indiatimes.com/industry/energy/oil-gas/rs-32000-crore-as-unclaimed-deposits-with-banks-and-insures/articleshow/70025817.cms?from=mdr

We should be worried because whopping Rs. 32,000 crore of money belonging to our friends & relatives is lying with financial institutions without their knowledge. This is primarily because investors, mostly breadwinners, have died without updating the nominee and contact details with financial institutions or the family is not even aware of such investments.

We can avoid this pile going up with few precautions. 

1) Keep updating the nominee & contact details for all our investments. To be done in the beginning and whenever the situation warrants.

2) Capture all the investment details in a spread sheet and share with the nominee and another responsible person.

3) Use a separate email id for all investment related communication and share the password with nominee and another responsible person.

Let us start this exercise right today as many institutions allow updating the nominee details online.

For more details, please feel free to contact me @ 98840 39248

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