Determining ownership and access to funds in a long-dormant bank account depends on several factors, including:
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Bank Account Regulation
Who owns the money in the bank account.. Important thing you need to
know.
Who owns the money in the bank account.. Important rule you need to
know..!
Who owns the money in a long-dormant bank account? Can
it be taken again?
The Reserve Bank of India has formulated certain
norms for the operation of all bank accounts. Bank account deposits and
withdrawals are done according to those rules.
Unclaimed amount.
If the bank account holder does not make any transaction from his account for 10 years then the amount deposited in his account will be considered as unclaimed. This money will then be transferred to the education and awareness fund.
Inactive account.
If one does not make any transaction in his account for 2 consecutive years then his account becomes inactive. This account can be of any type like Fixed Deposit, Recurring Deposit, Current Account, Savings Account. Any amount deposited in any type of account is declared as unclaimed amount if no transaction is done for many years.
Can I withdraw money?
Most of these accounts are accounts of dead people. If the account holder dies his family can claim the money.
If there is no nominee?
If there is no nominee in the concerned account then the money can be claimed by showing the heir certificate. The background of the person requesting the money will be checked by the bank. After that the complete details of the account holder will be scrutinized. After that inquiry the money will be given to the claimant.