About a week ago, I read the following article Unclaimed bank accounts. I then realized that my father-in-law, who passed away 15 years ago, may have had some accounts at the time of his passing.
In the United States, after a few years of no activity in an account and no response from the account holder, the money in the account "escheats" to the coffers of the respective state government. It is still possible, though, to reclaim the money once this has happened.
In India, and according to the article, there does not seem to be any viable law or procedure on reclaiming lost or forgotten funds. Is this indeed true? Or is there an option other than going to every financial institution to see if there are funds held in a person's name? If there is a procedure, then what information, documents or procedures are required?
Finding bank accounts
I also read the article. I also think that after a certain period the money from unclaimed accounts will be transfer to respective state government, so that amount become useful for the state, country.
Articles to help you in your expat project in India
India's banking system has undergone a significant change over the past few years. The banking network and its ...
India offers its visitors an invaluable experience if you are looking forward to a new way of life. The country ...
Pondicherry is a union territory of India, located 150 kms from Chennai in Tamil Nadu. It is a popular tourist ...
India is a vast country with unique and interesting diversities. There are ample of opportunities and places to ...
New Delhi is home to a wide variety of people from different backgrounds and cultures. Everyone here has varied ...
If you are planning to move to India with children, you must be wondering about the childcare options available in ...
