₹1.04 Lakh Crores Sitting Unclaimed: Why Adding Nominees Is Critical

General
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Nithin just tweeted about ₹1.04L crores in unclaimed money - here’s why adding nominees matters

There’s ₹104,000 crores worth of money and investments lying unclaimed across banks, insurance companies, and mutual funds. The number is from a post by our PM
@narendramodi

There are many unclaimed investments in India. The numbers are staggering:
₹1,04,000 crores unclaimed:

  • Banks: ₹78,000 cr
  • Insurance: ₹14,000 cr
  • Mutual funds: ₹3,000 cr
  • Dividends: ₹9,000 cr

Despite nomination being fully online, 62% of Zerodha users with holdings still don’t have nominees added.

Adding a nominee is only half the solution. Your nominees need to actually know about your investments. Without this knowledge, your wealth could join the massive pool of unclaimed money sitting idle.

Zerodha has introduced a safety net we now send emails to nominees if an account shows prolonged inactivity. But prevention is always better than recovery

If you haven’t done it, you can choose to do now here’s the link to add a nominee.

3 Likes
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And here is me - who is waiting for online format for nominee change. I have long hoped for this change but govt offices are still pen and paper based!!!

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It is great that Zerodha nudges your nominee in case the user is dormant for a while. If your nominee doesn’t know they’re your nominee… are they really your nominee, or just an unsuspecting future treasure-hunt participant?

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Even when someone has added nominee -the nominees many times may be forgetting about the investments specially when done ONLINE. Earlier there were PAPERS in a box, when person died - people could see the PAPERS and to to those offices, banks,authorities.

There must be some

  1. GOVT INITIATED PAIR/NOMINEE APP, which could be installed on phones of NOMINEES
  2. Some way to mention phone numbers of all family members who may be beneficiaries even when both husband, or wife die
  3. Some mechanims with DEATH REGISTERING authorities where they will send the infoemation