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Finance Records – Why is it important to keep records of our Money Matters & Finance?

Importance to keep our Money Matters and finance records –

Let’s learn the importance of deposit claim and finance records

Recently, we got the news about the amount of ‘unclaimed deposits’ lying with different banks for about

Rs 35,000 Cr. Last year the number was Rs 48,000 Cr.

Though the amount is decreased compared to last year, it is still a concern.

What are unclaimed deposits?
 records of our Money Matters & FinanceFinance records

The unclaimed deposit is an account that sees no infusion, withdrawal or any kind of transaction & activity by the depositor for more than 10 years. If so, then it is deemed as inactive.

Major reasons behind this huge no of unclaimed deposit are-

  • Unfortunate demise of the depositor
  • Deposits with ‘no nominations.
  • Deposits where nominations are mentioned but respective nominees couldn’t withdraw it either due to ignorance or due to lack of knowledge about it.

Total amount of these unclaimed deposits is transferred to ‘The Reserve Bank of India’.

In another incident this week, A person in the initial discussion for ‘financial planning’ asked me, “How much time would it take to fill up the datasheet for financial planning?”

As you all know, ‘data gathering’ is a crucial step in the ‘financial planning process’. Its inclusive to get required quantitative & qualitative inputs required.

Well, if a person has idea & mentions of the details, then its easier to put it all together but many a times it takes longer for a person to fill it up.

But, in the end, they realize, ‘IT IS A NEED FOR EVERYONE’!


Why I am highlighting this?

Because, this once again emphasizes on the importance of ‘recordkeeping of all our cashflows, assets, investments, liabilities & its knowledge to our family & loved ones’!

Often, in many families, ‘money discussions’ is a taboo!

A person who handles ‘money & investments’ keep the knowledge of all related matters to himself/herself! Many a times its not intentional but due to busy routine work it lags behind often.

But this is not good as your loved ones & family may suffer in future due to lack of awareness on money matters in the family.

So, what is the solution?

Solution is simple! ‘Start Record keeping’!

How to initiate it?

Lest understand from simple steps to follow-

Put together offline & online records:

Simply, get all your ‘financial documents, bank passbooks, insurance policies, loan documents, property papers, locker details together.

All these hard copies put together, will be easy for you to segregate.

Start segregating the papers under five main heads viz ‘investments, assets, liabilities, insurance & cash flow’

When you keep them accordingly, start looking for ‘online records’ of these documents.

These days, majority proofs are given online, so get them all together.


Start a check:

In this step, start screening & checking.

Check for the following-


Details To mention under each class
Investments & AssetsLoans & liabilitiesInsuranceCash Flow
 Name of the instrument Type of loanName & typeDetails of bank a/cs
Type Loan issuer detailsSum assuredLogin ID& password
 Date of investment Date of maturityPremium amountNomination
 Rate of return & frequency Rate of interestDate of premium payment & frequencyMoney lent in personal capacity
 Date of maturity Prepayment clauses if anyTenure of the policyPayments due
 Nomination Amount of EMI, date of EMI per monthNominationsRegular outflow in terms of EMI, etc
 Insurance to support if any


Apart from the above, also record-

  • Login ID & password of all investment, assets, liabilities & bank details
  • Names & details of respective relationship manager
  • Details of your Chartered accountant, Lawyer, Financial Planner
  • Money kept for personal use in personal capacity

Above basics details are a must for your own knowledge & awareness.


Make Suitable required changes:

Once you check for the above, you will come to know about the details which are either missing or need to be revised.

You can make thus suitable changes as follows-

  • Record nominations where they are missing
  • Look for the upcoming maturity of the investment option e.g Fixed deposit
  • Review the performance of the investment option specially when its market linked.
  • Look for the loan which you can easily pre-pay if money available for the same.
  • You can plan for big purchases or goals if required based on the above details.
  • You can recover the money lent in personal capacity or pay off the loan where required.
  • Plan for payment of premiums of insurance policies.
  • Consider revising the sum assured opted in respective insurance policies.

The above exercise may take few hours or few days for you, but initiate it SOON!

Have clear records of all elements related to your money & finance. Also do this exercise for your parents too if required!

When we have a clear picture, there is no Ambiguity for any reason!

BE CLEAR, THOUGHTFUL & MINDFUL with your Money & Finances! Start keeping Finance records today!


Contact ARTHA FinPlan for more details.
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