Unclaimed deposits on the rise at banks.
MUMBAI: Unclaimed deposits worth Rs 1,188 crore are lying with Indian banks in 1.92 crore inactive or dormant accounts as of December '08, according to the data released by the Reserve Bank of India recently.
Though they continue to remain in the banks' books as liabilities there is no one claiming ownership for these accounts.
An account is classified as ‘dormant’ if there are no transactions for more than two years. Money lying in these accounts are classified as unclaimed deposits if no one comes forward to claim ownership for at least 10 years.
More at.....
http://economictimes.indiatimes.com/No-takers-for-Rs-1200-cr-with-banks/articleshow/5320658.cms
In case any one needs more information regarding unclaimed dividends or shares, write to us at
fund.tracers@gmail.com.
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