Keep a Record of Your Assets and Liabilities

Keeping a record of your assets and liabilities means maintaining one organised list, and one set of files, showing everything you own, everything you owe, and where the supporting documents are. It lets you track your finances, prove ownership, claim insurance and close loans cleanly, and it lets your family find and claim your money if something happens to you. Update it at least once a year.

Large sums in India sit unclaimed in bank accounts, insurance policies, shares and mutual funds, often because the families of the owners didn't know they existed. A simple, up-to-date record is the cheapest protection against that.

Why does keeping records matter?

• Your family can find your money. Nominees and heirs can only claim what they know about.
• You can prove what you own and owe. Property papers, purchase bills and loan statements settle questions quickly.
• You catch errors. Regular statements show wrong charges, missed auto-debits or a loan that wasn't closed properly.
• Claims and warranties work. An insurance claim or a repair under warranty needs the policy or the bill.
• Tax filing is easier. Interest certificates, capital gains statements and receipts for deductions are in one place.
• It is the starting point for your net worth, which the next lesson shows you how to calculate.

What documents should you keep?

Group them into a few folders, physical and digital, so anyone can find a document in minutes:

Folder	What to keep
Bank and investments	Account and deposit details, recent statements, demat and mutual fund statements, provident fund and NPS details
Loans	The loan application, sanction letter, list of documents given to the lender, repayment schedule, yearly statements, and the closure or no-dues letter
Property and assets	Title deeds and earlier deeds, property and land tax receipts, approved plans, bills for gold, vehicles and expensive electronics, warranty cards
Insurance and health	Life, health, vehicle and home policies, claim records, medical reports and hospital registration cards for the family
Personal and legal	PAN, Aadhaar, passport, birth and marriage certificates, education certificates, tax returns, powers of attorney, and your will

What is a money map, and what should it include?

A money map is a one- or two-page summary that lists every asset and liability, where the documents are, and who the nominee is. Share where it is kept with your spouse or a trusted family member. For each item, note:

• the institution and branch, and the type of account or policy;
• the last four digits of the account or policy number, enough to identify it;
• the nominee and any joint holder;
• a contact number for the institution;
• for loans: the outstanding amount, EMI and end date.

Never write passwords, PINs, OTPs or full card numbers in the money map, or anywhere they could be found. Family members claim money through nominations and legal documents, not by logging in as you.

Which digital records make this easier?

• Consolidated Account Statement (CAS): the depositories send a monthly or periodic statement showing your shares and mutual fund holdings across brokers and fund houses in one place, linked by PAN.
• Annual Information Statement (AIS): on the income tax portal, it lists interest, dividends, securities transactions and other income reported against your PAN. It is a useful cross-check that you haven't forgotten an account.
• DigiLocker: the government's digital document wallet holds verified copies of documents such as your PAN, driving licence, vehicle registration and many education certificates.
• Scans in a secure folder: scan every important paper and keep the files in an encrypted or password-protected folder, with a backup.

What should you collect when you close a loan?

When a loan is fully repaid, collect:

1. a no-dues or loan closure letter from the lender;
2. all original property documents you deposited, checked against the list in your sanction letter;
3. confirmation that any lien or charge on the property or vehicle has been removed, and, for vehicles, that the hypothecation is cancelled on the registration;
4. cancellation of any remaining auto-debit mandate or post-dated cheques.

A few months later, check your credit report shows the loan as closed.

As of October 2026. Under RBI rules in force since December 2023, banks and other regulated lenders must return original property documents within 30 days of full repayment, and pay ₹5,000 for each day of delay caused by them. Check the current rules on the RBI website.

How do nominations help your family?

A nominee can receive the money directly when the account holder dies, without lengthy court procedures. Check that every account, deposit, demat account, mutual fund folio, insurance policy and provident fund has an up-to-date nominee.

Banks now allow up to four nominees for deposits, and demat accounts and mutual fund folios allow up to ten. Remember that a nominee may be only a custodian: who finally inherits can depend on your will and succession law. Nominations and a clear will work best together.

As of October 2026. Up to four nominees per bank deposit account have been allowed since 1 November 2025, and up to ten for demat accounts and mutual fund folios under SEBI rules. To trace forgotten money, the RBI's UDGAM portal searches unclaimed bank deposits across 30 banks. Check current rules on the RBI and SEBI websites.

How long should you keep documents?

Document	Keep for
Property deeds, will, certificates	Permanently
Loan closure and no-dues letters	Permanently
Tax returns and supporting proofs	At least 8 years, as tax cases can be reopened years later
Purchase records for shares, funds, gold and property	Until you sell, plus the tax-record period, since they prove your cost for capital gains
Insurance policies	For the policy term, plus a few years after any claim
Warranty cards and bills for appliances	Until the warranty ends or you sell the item

These are cautious, common guidelines rather than legal requirements. A tax professional can advise on your own situation.

A simple yearly routine

Pick one day a year, perhaps when you file your tax return, to update the money map, add new accounts, remove closed ones, check nominations, download a fresh CAS and AIS, and file the year's papers. It takes an afternoon and saves your family weeks of searching.

Quick quiz

3 quick questions on this lesson. Choose your answers, then press Check answers.

1. What should a family money map include?

Choose one answer.

Every password and PIN Full card numbers and CVVs Each account's institution, nominee, contact and where its documents are kept Only your property documents

Show answer

Answer: Each account's institution, nominee, contact and where its documents are kept. The map tells your family what exists and where to find it. Passwords, PINs and full card numbers should never be written in it.

2. What should you collect when you finish repaying a home loan?

Choose all that apply.

A no-dues or loan closure letter All original property documents you deposited Confirmation that the lien on the property has been removed A new pre-approved loan offer

Show answer

Answer: A no-dues or loan closure letter; All original property documents you deposited; Confirmation that the lien on the property has been removed. A closure letter, your original documents and removal of the lender's charge prove the loan is fully closed.

3. Under RBI rules, a lender that delays returning original property documents beyond 30 days after full repayment must compensate the borrower.

True or false?

True False

Show answer

Answer: True. Since December 2023, regulated lenders must pay ₹5,000 for each day of delay caused by them beyond 30 days.