Reserve Bank of India asks banks to label inactive accounts 'dormant'

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.

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Old & Missing Indian Company

Share Certificate of The Rampur Industries Limited, a company incorporated in Rampur state, a princely state in United Provinces, now Uttar Pradesh. The company was incorporated under the Rampur State Companies Act. The said act was abrogated when the Companies Act was passed by the parliament in 1956.

Note the Revenue stamp on the certificate is Rampur State. The certificate is dated 15th February 1944.

The Reverse side of the certificate details the dates for Monies paid for Application & Allotment of shares as well as the calls on the monies on the shares. The details of transfers are also mentioned.

The images are courtsey Sh Piyush Rach

If any one wants a view on any old share certificate, they can always write to me for an opinion. The mail for writing in is -

fund.tracers@gmail.com