We work with highly trained experts to encompass all legal and financial aspects of the money recovery process, researching a variety of sources including data bases, historical documents, government reports, financial records and others overall helping you solve complex issues involving a broad range of personal and administrative situations.
Windfall Gain is also adept at locating the relatives of the deceased as well as the sum, and navigating through the legal process.
We identify inactive accounts and work with the original owner or their representatives to secure title to the account and arrange the transfer to the beneficial owner.
The account holder has forgotten about holding the bank deposit. The account holder dies and the legal heirs are unaware of the bank account. People have gone abroad for good without closing the account.
Amounts in bank accounts and fixed deposits which are inactive or inoperative for a period of 10 years or more are transferred to a fund maintained by the Reserve Bank of India.
We play a proactive role in tracing your unclaimed funds, coordinating with the authorities on your behalf and drafting the necessary documents required to make your claim.
Loss of receipt of old accounts where the investment was done in paper format. Delay or inability to update changed address details. Delay or inability to update bank account details. Non-deposit of dividend cheque within three months from being issued.
The dividends and redemption amounts due on mutual funds are invested in a plan of liquid scheme, money market mutual fund scheme, call money markets or money market instruments floated by mutual funds.
Once the dividend or redemption amount on a fund is unclaimed for over three years, the interest on the principal amount after this period is to be used for investor education funds by the fund houses.
We work with you to get your money back from your insurance company or the government by submitting the requisite documents provided by us and ensuring that your claim process is hassle free.
Policy holders have forgotten about their policy. The nominee/s has no knowledge about the policy, so in the event of the sudden demise of the policy holder, the money remains unpaid. The policy holders haven’t claimed the premium refund amount.
Insurance monies which are due are moved to a fund established by the Central Government after 10 years. If no claim is made for a period of 25 years after the transfer to the fund, the money is forfeited and belongs to the government.
We provide you with a simplified solution to claim your unclaimed amounts in an efficient and time saving manner.
When an account gets dormant due to the employee not transferring his old account to the new employer and forgetting about the previous contributions. The interest earned on the deposits with Employees Provident Fund Organization (EPFO) is exempted from Income Tax. Therefore, there exists an incentive of leaving the balance amount with EPFO. Deposits with the EPFO are safe & secure investments and cannot be attached even by a decree of the Court.
All amounts which are not claimed before 61 years of age or within a period of 3 years from the date they become payable are transferred to an account called Inoperative Account and become unclaimed. Savings that remain unclaimed in Inoperative Account of Employees’ Provident Fund for seven years transferred to a fund established by the Central Government. The fund is utilized for the promotion of welfare of senior citizens.