Sir,

This refers to the news item titled “Unclaimed Bank Deposits Drive” in SOM dated Oct. 30.

Unfortunately, so many deposits and accounts are lying either dormant or unclaimed. This is probably because nominations are not registered or the addresses of nominees are not updated when they change residence.

The same issue applies to account holders. Many people in India do not make wills and even when they do, they often get them notarised instead of registered.

While it is a settled fact that even a last-minute handwritten will or a notarised will is legally valid, many banks and even Government Departments accept only registered wills.

Furthermore, even a registered will has to be probated in a District Court, a process that can take anywhere between six months and two years. This involves court fees and legal expenses, which often discourage people from getting their wills registered, probated and executed.

Another drawback is that a nominee for a savings or deposit account is not legally binding — the nominee is merely recognised as the person to whom the bank will release the balance in the account or deposit. This is unlike company shares, where the nominee becomes the rightful owner of the shares, even superseding a will.

The same provision should ideally be extended to bank savings and deposit accounts. In cases of unclaimed deposits, the probable reason banks struggle to trace account holders or heirs is that the addresses have not been updated for years.

I would suggest that every Aadhaar card holder be allowed to register two addresses — one as a permanent address and the other as a correspondence address. The correspondence address should be mandatorily updated in Aadhaar whenever there is a change expected to last more than six months or a year.

Aadhaar card should carry a validity date, with compulsory renewal before expiry. Every individual should carry the Aadhaar while stepping out of home — either as a plastic (masked) card or stored digitally via DigiLocker.

It must be produced when required — for example, during an accident, or for verification at a bank, employer, Police station, or any government office for availing services.

– George Rego, Mysuru, 31.10.2025

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