There's no shortage of funds: 80,000 crore rupees lying unclaimed, why can't families withdraw their loved ones' money?

According to Abhishek Kumar, this situation isn't because people lack money, but rather because of a lack of communication, complex paperwork, and a lack of awareness among families.

Unclaimed Wealth: Crores of rupees lie unclaimed across the country, and no one knows the true owners of these funds. There are many families whose members have money deposited in bank accounts, insurance funds, or mutual funds, but the family members are unaware of it. This means that crores of rupees lie unclaimed across the country.

This serious issue has drawn attention by Abhishek Kumar, a SEBI-registered investment advisor and founder of Sahaj Money. He recently wrote in a LinkedIn post that approximately 80,000 crore rupees lie unclaimed. He also said that this topic is very important, but very few people talk about it.

Why do funds remain unclaimed?

According to Abhishek Kumar, this situation isn't because people lack money, but rather because of a lack of communication, the complexity of paperwork, and a lack of awareness among families. He asked people if their families are aware of their money. Often, after a person's death, the family remains unaware of their investments, leaving the money unclaimed for years.

Real Example

Abhishek Kumar cited an example, explaining that last year he helped a client whose wife was unaware that ₹15 lakh had been invested in mutual funds in her name.

Similarly, he recounted another incident where it took a family two years to unlock their bank account because a nominee hadn't been added to the account.

Is a will alone sufficient?

Abhishek Kumar cautioned that many people think simply making a will is sufficient, but this is not the case. He clarified that a will is only effective if it is prepared with proper evidence and through the legal process.

There are millions of families in the country whose hard-earned money is stuck in various financial institutions. Experts say that people should share information about their investments with their families, be sure to add nominees to all accounts, and keep important documents in order so that their property does not remain unclaimed in the future.