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No Claimants for Dormant Swiss Bank Accounts
By: Tupaki Desk | 11 Nov 2019 7:28 AM GMT
No claimants have come forward for about a dozen dormant Swiss bank accounts linked to Indians, leaving the funds lying in these accounts at the risk of getting transferred to the Switzerland government.
The Swiss government began making details of dormant accounts public in 2015 to allow their claimants to submit necessary proof to get access to those funds, which included at least 10 accounts linked to Indians. These included some accounts linked to Indian residents and nationals from the British rule era, but ironically not a single dormant account linked to an Indian has been successfully claimed in the last six years. The claim period for some of these accounts would expire next month, while a few others can still be claimed till the end of 2020.
Under the Swiss laws, a bank account is declared dormant after there is no customer contact for 60 years ago and details are made public for inviting claims for all such accounts having at least 500 Swiss francs or assets of unknown value. Switzerland has been revealing details of such dormant bank accounts since 2015. If the original owners of these accounts or their successors come forward with the correct proofs, they will be entrusted. This can be from one year to five years depending on the value of the deposits or assets in the accounts. The original proprietors or their heirs must submit evidence in this case. Otherwise, all of those accounts will go to the central government account of Switzerland.
The Swiss government began making details of dormant accounts public in 2015 to allow their claimants to submit necessary proof to get access to those funds, which included at least 10 accounts linked to Indians. These included some accounts linked to Indian residents and nationals from the British rule era, but ironically not a single dormant account linked to an Indian has been successfully claimed in the last six years. The claim period for some of these accounts would expire next month, while a few others can still be claimed till the end of 2020.
Under the Swiss laws, a bank account is declared dormant after there is no customer contact for 60 years ago and details are made public for inviting claims for all such accounts having at least 500 Swiss francs or assets of unknown value. Switzerland has been revealing details of such dormant bank accounts since 2015. If the original owners of these accounts or their successors come forward with the correct proofs, they will be entrusted. This can be from one year to five years depending on the value of the deposits or assets in the accounts. The original proprietors or their heirs must submit evidence in this case. Otherwise, all of those accounts will go to the central government account of Switzerland.
