Bank Transaction: In today’s ever-changing financial world, keeping your money safe is more important than ever. With the new bank rules in place, if you don’t use your account for a while, your funds are at risk of being labeled as unclaimed. This can happen if there is no activity for about 10 years. Amazingly, by March 2023, unclaimed deposits in Indian banks had reached Rs 42,270 crore!
So, what happens to this unclaimed money, well, it is transferred to a special fund where it is invested in government securities. Getting this money back can be a real hassle, which can cause stress for you and your family.
But do not fear! There are simple steps you can take to protect your savings:
Stay Active: Keep your accounts alive by using them regularly. Even small bank transactions can help.
Choose a Nominee: Pick someone to inherit your money if something happens to you. This makes it easier for them to claim it later on.
Keep Your Info Updated: Make sure the bank always has your correct details, especially if you move house or change your phone number.
Share with Family: Tell your loved ones about your account and investments. It helps them manage things when you’re not around.
Cut Down on Accounts: Having lots of accounts increases the risk of money going unclaimed. Consider closing any you don’t use.
Keep Your FD Receipts Safe: Hold onto your fixed deposit paperwork. It’s proof of your investment and essential for claiming your money.
By following these simple tips, you can keep your money safe and avoid any nasty surprises down the line. Remember, a little effort now can save you a lot of trouble later!