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Mutual Funds | 24 Sep 2021

Do You Know Your Unclaimed Money?

Whenever a financial crisis or a pandemic hits, your saved money and the financial assets are the only ones that can lend a helping hand towards you. The COVID crisis is the best example to know the importance of life. Life is really unexpected and risky, which makes it essential to share your investment details with your family members. It would be best to inform your family members about your unclaimed money to make someone responsible amongst your family make a wise decision to invest your unclaimed money in the unfortunate event of your death.

  1. Due to the pandemic, the demise of your near and dear one happened without any time in hand to discuss your financial assets.

The latest example of COVID 19 has helped many people learn the importance of sharing their financial assets and unclaimed money with their families. In the unfortunate event of your death, your family has access to the information that includes how much and where all of the family's investments are. After regular intervals, always go with discussions with your family, making them aware of the documentation and statements that can help them claim the family's money in your absence.

This will prevent your family from borrowing money from others as they can use your investments or unclaimed funds to run and cope with household expenses.

  1. The current problem of unclaimed money with different platforms

Many cases arise where the investor's family is not aware of his invested money after his death. Different platforms have different conditions for unclaimed money.

Suppose the money in the bank account is unclaimed or the bank remains inoperative. In that case, the bank has to transfer that money to the DEAF account of the investor at the end of the subsequent month, along with the additional money earned through interests. However, this unclaimed money will be subject to the interest rates provided by the Reserve bank of India and not by the interest rates at which the deposit was made. However, if the rightful owners do not claim the money for 7 years, they become unclaimed. The same goes with the life insurance policies- the policy becomes unclaimed at not being interactive 7 years after the policy matures. So all the money you saved and earned with hard work for the promising future of your family will go to waste if they are not informed about each of your investments.

  1. We do not share the details of our investment with our partner or dependent.

As told above, life is unpredictable and on the verge of risk at the pandemic; it is very important to discuss the important matter of your investments with your family. All the investments and the saving policies are made so that they can work as a financial cushion at the time of emergency funds in your absence.

But people often neglect these crucial discussions with their families, making it very difficult for their families to cope with the financial needs in their absence. If the family has proper details about your invested money, they can claim or redeem it when the time of need arises. Often in this journey, people need someone to confront or discuss with. They can get the best help in this matter by maintaining their finances with the Money Spring tool.

  1. Is it our moral responsibility to share everything we are saving?

The answer to this question is a big yes. For many years, we have seen that the women and the family members dependent on the head of the family are not involved in the family finances. This thing has proven to be disadvantageous when the head of the family or the earning member of the family member passes away. No one from the family has a slight idea of the investments and saving money by the head. The earning member of the family usually goes for saving options and investments that can, in turn, help his family members. But it goes to total waste if the family members are not aware of that money.

So if you are the earning member of your family, you need to learn the importance of sharing the information of your investments, savings and unclaimed money with your family.

  1. How money spring can help you save your information

The purpose of making your family aware of your investments and savings is crucial. But many people don't get the chance to do this critical discussion with their family members. For this purpose, the money spring tool can come into use. The money spring tool is an investment management tool that helps you manage your wealth and save it for a better future for you and your family. The money spring tool records each and every transaction you do with your money, including investments in the bank, fixed deposits, life insurance and other saving schemes.

The money spring tool saves every bit of information that includes the incurrence of your money in investment and saving schemes. After the unfortunate event of your death, your family will be provided with your transaction records and delivered the total unclaimed amount that you would have enjoyed in the future. Your family can redeem these amounts and use them as emergency funds in your absence.

  1. Attractive features of money spring tool

The money spring tool serves its users with the following purposes:

● Mutual funds

● Insurance

● Fixed Deposits

● Portfolio management services

● Tools like- lump sum, EMI, FD and SIP calculators

The experts of money spring tool work as scheme finders for mutual funds, insurance, fixed deposits and almost every field of investments. You will be provided with the latest and the best investment schemes, and you can get early advantages from the schemes. Your investments will be made smooth and straightforward with a high percentage of advantages for profits.

Even if you die in between working with a scheme, your unclaimed money will be delivered to your family members that are dependent on you and will be provided with every transaction record incurred by you.

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