The loss of a parent is a terrible tragedy. It leaves you emotionally drained. You just don’t know what to do. Sadly, this is also a time you need to be emotionally strong. This is also an important moment when it comes to money. It might seem insensitive, but this is also the time cunning unscrupulous relatives can separate you from parent’s hard earned wealth.
You got to be strong for yourself. These 6 Financial Tasks should help you collect your parents, Pot Of Gold. Want to know more on Estate Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
This is a common story in India. When the breadwinner of a family dies, the poor spouse and children just don’t know what to do. They go through documents left behind; this is every paper and file, looking for investment documents/details of money left behind to meet daily needs. Most of the time, the parent/breadwinner would not have told his family members on investments he has made. Where will family members search for the money?
When a parent dies where do you look for the money left behind in bank deposits? RBI has asked banks to compulsory publish a list of inoperative accounts and bank accounts, which were inactive for 10 years. Now, how can you or any legal heir claim money from the bank? You simply search based on this criteria.
So what should you do to claim this money? Any legal heir must first head to the nearest bank branch, fill and submit the unclaimed deposits claim form. Along with the form, you (claimant) must submit a valid identity/address proof. You must also submit a copy of the death certificate of the dead/deceased account holder.
MCA (Ministry of Corporate Affairs) has issued a circular, saying all listed Companies will have to identify and upload details of unclaimed dividends on their website.You will have to visit the listed Companies website. You then search for parent’s details under unclaimed dividends section. You can check on BSE for further details.
You must send an email to registrars like Karvy, Bigshare and so on. You will also have to send details like Name, PAN, Bank Account Number, Email ID and address for correspondence.
SEE ALSO: Why Appoint Nominee For Mutual Funds?
If parents have left behind money in mutual funds, you got to claim it. Fortunately for you there are 3 Registrars. They are Karvy, CAMS and Templeton. You will have to write to these registrars giving details of the deceased parent, and claim the money.
What about claiming the shares of deceased parents? First let’s understand what are CDSL and NSDL. They are depositories. A depository is an entity which helps you buy/sell shares in a paper-less (electronic) mode. Depositories send a consolidated account statement (CAS) of all shares, mutual funds and insurance policies in the demat account. You need to send an email to NDSL/CDSL seeking details where deceased parents had demat accounts.
Collecting money from the EPF is really easy. All you have to do is contact deceased parents employer. Collecting money from post office deposits may be a little difficult. You will have to visit the post office where your parents had their account to claim money from post office deposits, PPF or RD.
India has 35 life insurers. Create a draft letter and simply write to all these life insurers, changing the name of the life insurer and the address. You then visit a branch of each life insurer in your city and personally submit the letter. Interact with the branch manager of each life insurer and take an acknowledgement from them, which you can use as proof. Follow up with the branch manager, until you get the money.
SEE ALSO: Rules of Nomination in Life Insurance
This is a job you must do. Better check each and every paper/document that comes in the post. An important document might arrive giving you clues on where deceased parents had bank accounts, post office deposits or shares/mutual fund investments. Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.