Finding bank accounts

Micky Fernandez Contributor

Member since 01 September 2012

Micky FernandezContributor21 March 2013 10:59:09

122

About a week ago, I read the following article . 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?

Madhvik Member

Member since 04 September 2013

MadhvikMember04 September 2013 12:14:40

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.