The other day I logged into one of my old bank accounts. To my surprise, there was nothing there. On enquiry, I was informed that the account has been classified as 'dormant', as I had not operated it for quite some time", this is often-heard today.
If there has been no transaction in your savings bank account for two years, except for interest payments credited by your bank, the bank will classify your account as inoperative or dormant. You will not be able to use your ATM card, issue cheques or transact in the account without reactivating it.
For the purpose of classifying an account as inoperative, both the types of transactions - debit as well as credit transactions - induced at the instance of the account holder as well as a third party should be considered. Recently, the Reserve Bank of India (RBI) asked banks to track dormant accounts, so they can either be revived, or the balance can be transferred to a new account or the legal heirs. According to the RBI, there are 10 million dormant accounts in the banking system. These dormant accounts have unclaimed deposits of around Rs 1,700 crores
Fund Tracers can help the legal heirs with all legal procedures to be followed in India to claim the estate.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com
Friday, July 22, 2011
Wednesday, June 8, 2011
Seeking information on Mrs Elizabeth Janet Ramsay or Cowie
This relates to some investments in INDIA in the name of Mrs Elizabeth Janet Ramsay or Cowie who has been deceased since last 42 years. We are looking to trace the legal heirs of Mrs Elizabeth Janet Ramsay or Cowie who can claim the INDIAN estate.
Fund Tracers can help the legal heirs with all legal procedures to be followed in India to claim the estate.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com
Fund Tracers can help the legal heirs with all legal procedures to be followed in India to claim the estate.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com
Tuesday, March 8, 2011
Rs 1,360 crore lying unclaimed in Indian banks
Indian banks have over Rs 1,360 crore unclaimed amount, enough to run Central government hospitals and dispensaries for a year or provide funds to farmers under the National Horticulture Mission. Any bank account, not been operated for a decade, turns inoperative and the money is transferred to the
http://www.hindustantimes.com/images/HTPopups/090311/09_03_pg10a.jpg
bank’s suspense account. There are over one lakh inoperative accounts with Indian banks, each having on average Rs 1,350, the RBI said in a RTI reply. Over 75 % of these accounts are of savings.
Although the Reserve Bank of India has asked banks to issue notices to account holders to take back the money back along with the interest, the banking regulatory is not willing to transfer the money to the government as done in case of unclaimed dividend from the companies.
"There is no scheme under consideration of RBI whereby such unclaimed deposits in banks including those in inoperative accounts may be transferred to some government account after a specified period," said D Mahapatra, RBI’s Central Public Information Officer.
After the RTI applicant Subhash Aggarwal sought information on money in suspense accounts, the RBI woke up and issued a new circular in July 2010 asking the banks to review the accounts where there have been no operations for more than a year and inform the account holder about the same in writing.
"Banks are taking every step to ensure that unclaimed money lying with them is safe and not misused," T M Bhasin, chairman and managing director, Indian Bank told Hindustan Times. Chairman of a public sector bank said in case of any transaction, which may happen after that period, will be monitored closely to ensure that there is no fraudulent activity.
The RBI has admitted that it has received complaints of customers facing problems in operating the accounts termed as inoperative and unwillingness of the banks to pay interest on the money in these accounts.
The country top-banking regulator has asked the banks to make all efforts to locate the customer and in case, it fails to find the person, the bank should contact the person who introduced the account holder. "Banks can consider a special drive to find the whereabouts of the customers," the RBI had said.
The nationalized banks have around Rs 988 crore in inoperative banks followed by State Bank of India and Associate banks, private sector banks and foreign banks.
Article Courtsey - http://epaper.hindustantimes.com/PUBLICATIONS/HT/HD/2011/03/09/ArticleHtmls/R1360-crore-lying-unclaimed-in-banks-09032011010034.shtml?Mode=1
In case you face a problem relating to any bank accounts, We can help you in claiming the same; We can provide you with our services of tracing such assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com
http://www.hindustantimes.com/images/HTPopups/090311/09_03_pg10a.jpg
bank’s suspense account. There are over one lakh inoperative accounts with Indian banks, each having on average Rs 1,350, the RBI said in a RTI reply. Over 75 % of these accounts are of savings.
Although the Reserve Bank of India has asked banks to issue notices to account holders to take back the money back along with the interest, the banking regulatory is not willing to transfer the money to the government as done in case of unclaimed dividend from the companies.
"There is no scheme under consideration of RBI whereby such unclaimed deposits in banks including those in inoperative accounts may be transferred to some government account after a specified period," said D Mahapatra, RBI’s Central Public Information Officer.
After the RTI applicant Subhash Aggarwal sought information on money in suspense accounts, the RBI woke up and issued a new circular in July 2010 asking the banks to review the accounts where there have been no operations for more than a year and inform the account holder about the same in writing.
"Banks are taking every step to ensure that unclaimed money lying with them is safe and not misused," T M Bhasin, chairman and managing director, Indian Bank told Hindustan Times. Chairman of a public sector bank said in case of any transaction, which may happen after that period, will be monitored closely to ensure that there is no fraudulent activity.
The RBI has admitted that it has received complaints of customers facing problems in operating the accounts termed as inoperative and unwillingness of the banks to pay interest on the money in these accounts.
The country top-banking regulator has asked the banks to make all efforts to locate the customer and in case, it fails to find the person, the bank should contact the person who introduced the account holder. "Banks can consider a special drive to find the whereabouts of the customers," the RBI had said.
The nationalized banks have around Rs 988 crore in inoperative banks followed by State Bank of India and Associate banks, private sector banks and foreign banks.
Article Courtsey - http://epaper.hindustantimes.com/PUBLICATIONS/HT/HD/2011/03/09/ArticleHtmls/R1360-crore-lying-unclaimed-in-banks-09032011010034.shtml?Mode=1
In case you face a problem relating to any bank accounts, We can help you in claiming the same; We can provide you with our services of tracing such assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com
Tuesday, February 15, 2011
EPFO not sure who own Rs 36K cr
The Employment Provident Fund Organisation (EPFO), which maintains the PF accounts of all formal sector employees, does not know to exactly whom Rs 36,000 crore of its corpus belongs to. The amount, part of its five-lakh-crore-rupee corpus, has been accumulating from 4.7 crore accounts that have not been updated for years. These are separate yearly accounts of individuals who, EPF officials estimate, form 25% of its 5.7-crore subscriber base.
The accounts assume significance when there is a face-off between the labour and finance ministries over the 9.5% interest rate promised to EPF subscribers about five months ago.
Raising objection to the rate for 2010-11, recommended by the Central Board of Trustees in their September meet, the finance ministry wanted an update on these accounts before notifying the higher rate.
Samirendra Chatterjee, central provident fund commissioner, told HT that the unusually long time taken for settling the unattended accounts is mainly because the authorities have to go back and forth to get the full details of subscriptions.
He said EPFO was computerising all its 120 offices and started receiving contribution forms in CDs.
http://www.hindustantimes.com/EPFO-not-sure-who-own-Rs-36K-cr/Article1-662910.aspx
fundtracers@fundtracers.com or fund.tracers@gmail.com
The accounts assume significance when there is a face-off between the labour and finance ministries over the 9.5% interest rate promised to EPF subscribers about five months ago.
Raising objection to the rate for 2010-11, recommended by the Central Board of Trustees in their September meet, the finance ministry wanted an update on these accounts before notifying the higher rate.
Samirendra Chatterjee, central provident fund commissioner, told HT that the unusually long time taken for settling the unattended accounts is mainly because the authorities have to go back and forth to get the full details of subscriptions.
He said EPFO was computerising all its 120 offices and started receiving contribution forms in CDs.
http://www.hindustantimes.com/EPFO-not-sure-who-own-Rs-36K-cr/Article1-662910.aspx
fundtracers@fundtracers.com or fund.tracers@gmail.com
Saturday, January 1, 2011
New a/c for 1,400cr lying unclaimed with banks
NEW DELHI: Banks could lose nearly Rs 1,400 crore of cheap funds lying in unclaimed deposits with the government deciding to create a fund to park these moneys and use it for depositor education.
Funds in deposit accounts that have not been operated for more than 10 years will be credited into a “depositor education and awareness fund”, Finance Minister Pranab Mukherjee informed Parliament in a written reply to a question.
“The government is contemplating to amend the Banking Regulation Act, 1949 for creating the Depositor Education and Awareness Fund,” finance minister said adding that the fund was conceived in consultation with the Reserve Bank of India.
The depositors will get their money back if they make a claim later, along with interest at the rate decided by RBI.
Currently, banks treat unclaimed deposits as regular deposits. The total amount outstanding under these deposits as on December 31, 2009 was Rs 1,360 crore.
Canara Bank has over Rs 218 crore lying unclaimed while Punjab National Bank and Union Bank of India have over Rs 160 crore and Rs 100 crore in idle accounts.
The proposed depositor education fund will be run by an authority or committee constituted by RBI.
Banks will have to credit the funds into the account within three months of a dormant account becomes 10 years old.
The move will help clear the administrative burden of unclaimed deposits and also prevent their possible misuse. At the end of December 2009, there were more than one crore such accounts with scheduled commercial banks.
Recently, even the Employees’ Provident Fund Organisation had decided that it will stop paying interest on accounts that had not received any contribution for more than three years.
The organisation hopes this will encourage subscribers to settle the accounts that are clogging the system.
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/New-a/c-for-1400cr-lying-unclaimed-with-banks/articleshow/7039690.cms
More on the subject at -
http://www.thaindian.com/newsportal/business/rs1360-crore-unclaimed-money-lying-with-banks-mukherjee_100469132.html
We can help you in claiming the Unclamed shares and dormant bank accounts if the holder is deceased and you are a legal heir. We can provide you with our services of tracing such assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fund.tracers@gmail.com or fundtracers@fundtracers.com
Funds in deposit accounts that have not been operated for more than 10 years will be credited into a “depositor education and awareness fund”, Finance Minister Pranab Mukherjee informed Parliament in a written reply to a question.
“The government is contemplating to amend the Banking Regulation Act, 1949 for creating the Depositor Education and Awareness Fund,” finance minister said adding that the fund was conceived in consultation with the Reserve Bank of India.
The depositors will get their money back if they make a claim later, along with interest at the rate decided by RBI.
Currently, banks treat unclaimed deposits as regular deposits. The total amount outstanding under these deposits as on December 31, 2009 was Rs 1,360 crore.
Canara Bank has over Rs 218 crore lying unclaimed while Punjab National Bank and Union Bank of India have over Rs 160 crore and Rs 100 crore in idle accounts.
The proposed depositor education fund will be run by an authority or committee constituted by RBI.
Banks will have to credit the funds into the account within three months of a dormant account becomes 10 years old.
The move will help clear the administrative burden of unclaimed deposits and also prevent their possible misuse. At the end of December 2009, there were more than one crore such accounts with scheduled commercial banks.
Recently, even the Employees’ Provident Fund Organisation had decided that it will stop paying interest on accounts that had not received any contribution for more than three years.
The organisation hopes this will encourage subscribers to settle the accounts that are clogging the system.
http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/New-a/c-for-1400cr-lying-unclaimed-with-banks/articleshow/7039690.cms
More on the subject at -
http://www.thaindian.com/newsportal/business/rs1360-crore-unclaimed-money-lying-with-banks-mukherjee_100469132.html
We can help you in claiming the Unclamed shares and dormant bank accounts if the holder is deceased and you are a legal heir. We can provide you with our services of tracing such assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fund.tracers@gmail.com or fundtracers@fundtracers.com
Wednesday, August 4, 2010
Unclaimed Provident Fund accounts might be Blocked
As per the latest report by Business Line, close to Rs 10000 Crore lying in approximately 2 Crore inoperative accounts might be blocked. The interest from these inoperative accounts might also get distributed to the live accounts. This proposal and other decisions like Interest Rate for the current fiscal (for EPF accounts) will be decided in a CBT meeting to held in September.
A senior EPFO official told Business Line that the Central Board of Trustees (CBT) of the EPFO is expected to take up this issue at its meeting in September. With many shifting jobs and neither closing their accounts nor transferring them to the new employer, more than 40 per cent of the total accounts has gone inoperative. Moreover, the unclaimed fund has grown over time with the 8.5 per cent interest paid on the principal by the agency.
More at -
http://technofriends.in/2010/08/01/unclaimed-provident-fund-accounts-might-be-blocked-india/
We can help you in claiming the funds lying in bank accounts or shares if the shareholder is deceased and you are a legal heir. We can provide you our services of tracing the assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com
A senior EPFO official told Business Line that the Central Board of Trustees (CBT) of the EPFO is expected to take up this issue at its meeting in September. With many shifting jobs and neither closing their accounts nor transferring them to the new employer, more than 40 per cent of the total accounts has gone inoperative. Moreover, the unclaimed fund has grown over time with the 8.5 per cent interest paid on the principal by the agency.
More at -
http://technofriends.in/2010/08/01/unclaimed-provident-fund-accounts-might-be-blocked-india/
We can help you in claiming the funds lying in bank accounts or shares if the shareholder is deceased and you are a legal heir. We can provide you our services of tracing the assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com or fund.tracers@gmail.com
Saturday, July 17, 2010
Banks can not declare your account inoperative
If you have a bank account that you have not operated for a long time, it is absolutely essential that you know the Reserve Bank’s instructions on ‘inoperative accounts’. That’s because there is every possibility of your bank flouting those instructions and declaring your account as ‘inoperative’ without giving you any notice and even dishonouring your cheques issued on that account. So in order to protect your interests, you need to
know what exactly the regulator says. First and foremost, the Reserve Bank says an account (both savings and current) can be treated as ‘inoperative’ or ‘dormant’ only if there are no customer-induced transactions in the account for more than two years.
It also makes it clear that if interest from a fixed deposit is being credited into the account, then it should be considered as customer-induced transaction and should not be considered as a dormant account.
More important, the RBI circular on “Unclaimed deposits/Inoperative accounts in banks”, issued on August 22, 2008 to all scheduled commercial banks urges banks to be pro-active and contact customers whose accounts have remained inoperative for over a year and find out why there are no transactions.
In many cases, accounts remain dormant when consumers change their residence or place of work. There are also consumers who keep accounts in their hometown and do not operate them regularly.
So the RBI circular asks banks to not only contact customers who have not operated their account for a long time, but also transfer the money in the account to the new account of the customer, if the customer has shifted residence (or changed the job) and opened an account in another bank.
The Reserve Bank also mandates that banks inform customers before declaring an account as dormant and give the account holder sufficient time to operate the account. It’s only when all such efforts fail, should an account be declared as inoperative.
If the customer contacts the bank after an account is declared as dormant, the bank should facilitate reactivation of the account after verifying the signature and the identity of the account holder.
While doing so, the bank should ensure that the customer is not inconvenienced and there should not be any charge for activation, the RBI says.
Yet, you find banks exploiting the ignorance of consumers about these guidelines and violating them with impunity. Here is an example
More at -
http://epaper.hindustantimes.com/PUBLICATIONS/HT/HD/2010/07/18/ArticleHtmls/Consumer-Focus-Banks-cant-declare-your-account-inoperative-18072010007002.shtml?Mode=1
We can help you in claiming the funds lying in bank accounts or shares if the shareholder is deceased and you are a legal heir. We can provide you our services of tracing the assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com
know what exactly the regulator says. First and foremost, the Reserve Bank says an account (both savings and current) can be treated as ‘inoperative’ or ‘dormant’ only if there are no customer-induced transactions in the account for more than two years.
It also makes it clear that if interest from a fixed deposit is being credited into the account, then it should be considered as customer-induced transaction and should not be considered as a dormant account.
More important, the RBI circular on “Unclaimed deposits/Inoperative accounts in banks”, issued on August 22, 2008 to all scheduled commercial banks urges banks to be pro-active and contact customers whose accounts have remained inoperative for over a year and find out why there are no transactions.
In many cases, accounts remain dormant when consumers change their residence or place of work. There are also consumers who keep accounts in their hometown and do not operate them regularly.
So the RBI circular asks banks to not only contact customers who have not operated their account for a long time, but also transfer the money in the account to the new account of the customer, if the customer has shifted residence (or changed the job) and opened an account in another bank.
The Reserve Bank also mandates that banks inform customers before declaring an account as dormant and give the account holder sufficient time to operate the account. It’s only when all such efforts fail, should an account be declared as inoperative.
If the customer contacts the bank after an account is declared as dormant, the bank should facilitate reactivation of the account after verifying the signature and the identity of the account holder.
While doing so, the bank should ensure that the customer is not inconvenienced and there should not be any charge for activation, the RBI says.
Yet, you find banks exploiting the ignorance of consumers about these guidelines and violating them with impunity. Here is an example
More at -
http://epaper.hindustantimes.com/PUBLICATIONS/HT/HD/2010/07/18/ArticleHtmls/Consumer-Focus-Banks-cant-declare-your-account-inoperative-18072010007002.shtml?Mode=1
We can help you in claiming the funds lying in bank accounts or shares if the shareholder is deceased and you are a legal heir. We can provide you our services of tracing the assets and initiating the legal procedures in India to claim the same.
In order to contact us, please go to our website www.fundtracers.com and contact through that site. or email at fundtracers@fundtracers.com
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