In light of the recent air accident in Ahmedabad, here is a list of urgent priority tasks to be done without delay:
1. Do not delay in making a Will. Nomination is not allowed for immovable properties like houses, land, plots, or shops. Hence, preparing a Will is essential.
2. For KVP, NSC, Time Deposit, MIS, RD, and SB accounts, accounts can be opened jointly with up to 3 names. Take advantage of this facility.
3. Senior Citizen Savings Accounts can only be opened jointly by husband and wife. However, up to 4 individuals can be nominated in such accounts, so keep that in mind.
4. In a PPF account, only one name is allowed as account holder. So, make sure to do proper nomination. Since this is a long-term investment, keep checking whether the nominee is still alive. If the nominee is very elderly or you feel the need, you can add or change the nominee at any time.
5. Interest on NSS 87 accounts has been discontinued from 1st October 2024. Also, the withdrawal amount is now fully tax-free. Therefore, withdrawing this amount would be advisable.
6. You can nominate up to four individuals as nominees. Make use of this provision.
7. If any of the nominees passes away, you can immediately nominate someone else in their place.
8. You can change nominees at any time and as many times as needed. No fees are required for such changes.
9. Keep your Chartered Accountant, LIC Agent, Mutual Fund Agent, or Financial Advisor, as well as close family members, informed about your investments, properties, and insurance policies.
10. Secure your family's future.
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