Digital Money Update : Nowadays, most of our earnings and investments have become digital through UPI, digital wallets, online mutual funds, demat accounts, cryptocurrencies, etc. But if someone suddenly leaves us, accessing these digital assets is not as easy as accessing a bank account or property papers.
Most UPIs are linked to bank accounts. Balance access is easy if you have a nominee on your bank account, but UPI apps are linked to your mobile number and phone number. Login is impossible if you don’t know your password/OTP. This makes it difficult for family members to view your transaction history or check your balance.
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When it comes to digital wallets (PhonePe, Amazon Pay, Mobikwik, etc.), some offer nominations, while most don’t. Withdrawing the balance requires a lengthy process, including providing a death certificate, indemnity bond, and email communication. Family members often abandon the balance if the amount is small.
If a nominee has been made in online investments like online mutual funds, demat account, then it is fine, otherwise the family has to provide many types of documents. Cryptocurrency is the most complex issue. Most crypto exchanges in India lack clear inheritance rules. If private keys or login information are lost, it is impossible to recover crypto assets. There is no helpline that can recover exchange logins or keys.
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Families often lose digital assets due to lack of awareness. Therefore, keep a safe record of your digital assets. Ensure nominations are made where possible and kept updated. Assign access to your crypto to someone you trust. Digital money is also real money. Planning it properly while you’re alive can be very helpful to your family later.