Answer Book question
Consolidate the accounts, but not necessarily the deposits. Two or three active savings accounts are manageable; five dormant ones with scattered FDs, old standing instructions and forgotten nominees are a future headache for whoever has to claim them. Keep deposits spread within insured limits; reduce the number of relationships.
Consolidate the accounts, but not necessarily the deposits. Two or three active savings accounts are manageable; five dormant ones with scattered FDs, old standing instructions and forgotten nominees are a future headache for whoever has to claim them. Keep deposits spread within insured limits; reduce the number of relationships.
After a father's death, the family finds passbooks for five banks, two of which no longer exist under those names after mergers. It takes eleven months to trace and claim all of them.
Dormant accounts become inoperative and eventually transfer to the RBI's unclaimed deposits pool. Every account needs a current nominee and a known location. Fewer, well-documented accounts make both life and death easier.
Purpose of each account Nominee on each Dormant status Standing instructions (insurance premiums!) attached to each FDs and their maturities
Closing an account that has an insurance premium standing instruction, causing a policy to lapse.
Bank mergers in recent years have renamed several institutions; old passbooks may refer to banks that no longer exist by that name.
Five accounts → two: one for pension and expenses, one for FDs and reserve. All nominees updated. A one-page list given to both children.
If the father is capable and prefers his system, document it rather than force consolidation.
List all accounts with nominees Check standing instructions Close or merge gradually
How do I organise my parents' finances before there is an emergency? How do I find all of my father's bank accounts?
Senior-citizen services · Family support
India Post / SCSS rules · IRDAI annuity product guidance · RBI deposit insurance (DICGC) limits · Kerala Social Security Mission and Social Justice Department for pension schemes Rates, limits and whether you may qualify change. Confirm with the official source. Ask Kerala Rising: Send us your parents' rough monthly expenses, their income sources and what lump sum exists. We will help you see whether it holds up. and what to organise before there is an emergency. WhatsApp +1 443 595 9000 · keralarising.com Kerala Rising › Seniors › Retirement · Retirement 17
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