Writing about personal finance has always been a rewarding journey for me. Choosing a topic often comes naturally—some align with seasonal rhythms like the financial year-end or festive months. And while the themes may feel familiar, the world of finance is anything but static. Laws change, new products emerge, old ones vanish.
By that logic, I should have kicked off this financial year with a roundup of the changes introduced on April 1. But today, I want to focus on something even more important—something that could shape the future of your financial legacy.
Laying the Foundation for the Next Generation
When my father set out to build our home, he originally planned a modest, single-story tin-roofed house. But friends encouraged him to think ahead—to build a strong foundation so that future generations could expand upon it. He agreed.
That decision, though practical, reflected a deeper truth: in India, we don’t just build for ourselves. We build for our children—and for theirs.
In the past, most assets were physical and visible—homes, plots of land, shops, or family-run businesses. Our children saw them, grew up around them, and naturally stepped in when it was their turn. But today, much of our wealth exists in the digital realm—stocks, mutual funds, insurance policies, NPS accounts.
And here lies the challenge: how will your heirs know what you own, if you never tell them? Many people never write a will. Conversations around money often feel taboo. And yet, silence can cost your loved ones dearly.
DigiLocker: A Modern Solution to an Age-Old Problem
To address this growing issue, SEBI has partnered with DigiLocker—a secure, government-backed platform for storing digital documents. On March 19, 2025, SEBI announced the integration of demat and mutual fund statements into DigiLocker, alongside existing support for bank accounts, insurance policies, and NPS statements. This means that, for the first time, you can consolidate your key financial records in one place.
The goal? To simplify the transfer of assets across generations.
Shockingly, large amounts of wealth remain unclaimed in India because families are unaware of what the deceased owned. After ten years, unclaimed assets are transferred to a special fund managed by the RBI. (The RBI even maintains a searchable portal for such cases—something I’ll cover in a future column.)
The Most Important Step: Appoint a Nominee
Consolidating your records is a great first step. But to truly secure your financial legacy, you must go further: appoint a Data Access Nominee in DigiLocker.
This nominee will not have the authority to transact—but upon your demise, they’ll receive access to your financial documents. They’ll know where your investments are, and what to do next. The legal transfer of ownership still requires standard procedures, but your nominee will no longer be searching in the dark.
What’s more, DigiLocker has a notification system in place. If something happens to you, your nominee is informed without delay—saving precious time and emotional energy during already difficult moments.
A New Financial Year, A Timeless Responsibility
Unclaimed financial assets are a silent crisis in India. Thousands of crores lie idle—not because families didn’t care, but because they simply didn’t know.
As we grow older, the risk of forgetting or neglecting to share this vital information only increases. Don’t let your financial legacy slip through the cracks.
So, as we begin a new financial year, make one powerful, lasting decision: log in to DigiLocker and add your nominee today.
Secure your legacy. Protect your loved ones. Ensure that what you’ve built endures—just like that foundation my father laid, many years ago.
Dipankar Jakharia
Nagaland Post Launch on 30 Dec 1990 is the first and fore-most english daily newspaper of Nagaland.
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