Hidden investments is a biggest mistake of your life

More than Rs.70000 crore unclaimed money in Indian Bank,Lic,PPF etc

It is tendency of almost every Indian that they always wants to hide their investments from their relatives and family members. They opens bank accounts , life insurance and many more financial accounts to invest their money but they never wants to disclose these investment to their family or other relatives.They trust on financial institution to keep their hard earned money but they never trust on their own family members for the same, and due to this tendency if he/she dies in the meantime then their hard earned money remains with banks for ever because of no claim , hidden investments would be a biggest mistake of your life.We should care about it.

It is also true that many people declares nominee in their accounts but due to some reasons they hides this information even from nominee, what is the purpose of declaring nominee here? I personally know so many people who has invested their money but they never disclosed it in front of their family , even they did not declared nominee in their account and in some case they declared nominee but never told it to nominee. They have a lots of excuses for not doing this like some family problem or security issue, but I just wants to ask a simple question , why they are earning it if they can't tell about it to their family? Also most of the Indians never creates a portfolio of their investment accounts so that it can be used by their family members after his/her death.

Indian loves hidden investments, but today if we see over the data of unclaimed money in Indian banks account or insurance company then result is just shocking , In India, an account is deemed unclaimed if there is no activity for at least a decade. Notably, there is an estimated Rs.70000 crore worth unclaimed accounts in banks, insurance companies, post offices, apart from inoperative provident fund accounts.

Funds end up falling in the unclaimed category usually when account holders operate their accounts secretly and the family is not in the know of things. Another usual occurrence includes failure to update KYC information for various reasons including relocation.
RBI has given some guidelines to claim these money by family member or close relatives but it is not so easy if nominee is not declared and in most cases even family members don't know about it then how it is possible to claim it? And believe me here are many cases where peoples are unable to get back the claimed money, few incident I saw in my family root(it was a saving account in a bank with no nominee and proper KYC). We always wants to save a lot of money for our family and child's but just think about it if you are not making any one aware about your investment then what is the value of your planning and savings. After you your family will never be benefited by these money but it will be idle in your accounts.
Every employees wants an EPF/PPF account to secure their retirement and family life but do you know around Rs 27,000 crore is unclaimed in PPF account.This is a big number , similarly almost every Indian wants a LIC scheme to invest their saved money but in LIC till now more than Rs.30000 crore are unclaimed. So just think wisely and invest your money with proper declaration of nominee and same time disclose your investment in front of your family members.
Day by day unclaimed money is growing , below are some major area where unclaimed money is held.
3-Post office
4-Bank account
6-Stock Market

Some useful steps to keep your investment known to your loving one

The above notwithstanding, one can avoid getting into such situations. Given below are few tips:
•    Share key information about your financial ventures and assets with a trusted family member so that in the event of your demise, someone else can do the needful.
•    Have accounts accessible through online portals and receive regular updates via email
•    Update contact information as and when needed
•    Advise asset managers and banks to perform direct credits to your preferred bank account.
So stop hiding your investment, if you really wants to make your loving one to get benefited by your hard earned money.

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