Can any one please inform what happens to the property or bank accounts of the decesased persons if the heirs are not there or do not know about the bank accounts and property etc. Are the banks not supposed to declare to the Govt or respective department about such unclaimed accounts which have become un-operational for more than two years and banks are not able to contact the account holder. The money in such accounts should go to a trust which can be utilized for benefit of downtrodden in the society or for some charitable purpose rather than banks keep enjoying that money.
Similarly,in case of property, how it is dealt with after the death of the Owner and no claimant comes forward for the property? more
Similarly,in case of property, how it is dealt with after the death of the Owner and no claimant comes forward for the property? more
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Relevant RBI Circular is : RBI/2014-15/437 DBR.No. DEA Fund Cell.BC.66/30.01.002/2014-15 February 2, 2015" available on RBI Site i.e. " more
Aug 13
RBI circular is OK, but I did not find any bank displaying the defunct accounts on their website. more
Aug 13
The main remedial part rarely implemented is the Complaints against All the Bank Personnel's wherein the Account is located. Mostly the A/c holder wait till last moment or even therein after with impression that some one else will bail the cat and once the Bank become defunct Or declare itself as liquidated. Unless it makes clear that even after duping the people they are accountable and answerable this trend prevails and going to prevail further. Reason - Easy money without / with minimum risk. Advisable - Adopt all resources and all forums to lodge maximum complaints - Jointly as well as individually. more
Aug 13
1. There is RBI circular to display the 10+ years Bank account (Including FD, Recurring etc) to be displayed on their web site. Few of he Banks had already implemented the same whereas few other banks not yet. You may visit the Bank web site(At-least of nationalized bank() to know the relevant details and claim the same (Format of application is also provided). There is provision for these account wherein unclaimed money goes to the Govt. more
Aug 12
This also require an application through RTI and OR approach to Finance Ministry for prompt implementation at the National interest .
Many Non-Nationalized Banks since last 2 decades opting Closure or Turning off their Boards and these issues are amounted to multiple Crores of public money including the small deposits for Marriages etc., more
Many Non-Nationalized Banks since last 2 decades opting Closure or Turning off their Boards and these issues are amounted to multiple Crores of public money including the small deposits for Marriages etc., more
Aug 13
Uday ji, Thanks for the information however, I have not seen any such details on any bank web site where they display all bank accounts and FD's etc lying idle since last 10 years or so more
Aug 12
