diff --git a/src/wallet/rpcdump.cpp b/src/wallet/rpcdump.cpp
index 82708dab2..d46cf69ef 100644
--- a/src/wallet/rpcdump.cpp
+++ b/src/wallet/rpcdump.cpp
@@ -536,14 +536,11 @@ UniValue importwallet(const JSONRPCRequest& request)
     }
     file.close();
     pwallet->ShowProgress("", 100); // hide progress dialog in GUI
-
-    CBlockIndex *pindex = chainActive.Tip();
-    while (pindex && pindex->pprev && pindex->GetBlockTime() > nTimeBegin - TIMESTAMP_WINDOW)
-        pindex = pindex->pprev;
-
     pwallet->UpdateTimeFirstKey(nTimeBegin);
 
-    LogPrintf("Rescanning last %i blocks\n", chainActive.Height() - pindex->nHeight + 1);
+    CBlockIndex *pindex = chainActive.FindEarliestAtLeast(nTimeBegin - TIMESTAMP_WINDOW);
+
+    LogPrintf("Rescanning last %i blocks\n", pindex ? chainActive.Height() - pindex->nHeight + 1 : 0);
     pwallet->ScanForWalletTransactions(pindex);
     pwallet->MarkDirty();
 
diff --git a/src/wallet/test/wallet_tests.cpp b/src/wallet/test/wallet_tests.cpp
index 8eeba72a0..b077d152d 100644
--- a/src/wallet/test/wallet_tests.cpp
+++ b/src/wallet/test/wallet_tests.cpp
@@ -19,6 +19,8 @@
 #include <univalue.h>
 
 extern UniValue importmulti(const JSONRPCRequest& request);
+extern UniValue dumpwallet(const JSONRPCRequest& request);
+extern UniValue importwallet(const JSONRPCRequest& request);
 
 // how many times to run all the tests to have a chance to catch errors that only show up with particular random shuffles
 #define RUN_TESTS 100
@@ -437,6 +439,66 @@ BOOST_FIXTURE_TEST_CASE(rescan, TestChain100Setup)
     }
 }
 
+// Verify importwallet RPC starts rescan at earliest block with timestamp
+// greater or equal than key birthday. Previously there was a bug where
+// importwallet RPC would start the scan at the latest block with timestamp less
+// than or equal to key birthday.
+BOOST_FIXTURE_TEST_CASE(importwallet_rescan, TestChain100Setup)
+{
+    CWallet *pwalletMainBackup = ::pwalletMain;
+    LOCK(cs_main);
+
+    // Create two blocks with same timestamp to verify that importwallet rescan
+    // will pick up both blocks, not just the first.
+    const int64_t BLOCK_TIME = chainActive.Tip()->GetBlockTimeMax() + 5;
+    SetMockTime(BLOCK_TIME);
+    coinbaseTxns.emplace_back(*CreateAndProcessBlock({}, GetScriptForRawPubKey(coinbaseKey.GetPubKey())).vtx[0]);
+    coinbaseTxns.emplace_back(*CreateAndProcessBlock({}, GetScriptForRawPubKey(coinbaseKey.GetPubKey())).vtx[0]);
+
+    // Set key birthday to block time increased by the timestamp window, so
+    // rescan will start at the block time.
+    const int64_t KEY_TIME = BLOCK_TIME + TIMESTAMP_WINDOW;
+    SetMockTime(KEY_TIME);
+    coinbaseTxns.emplace_back(*CreateAndProcessBlock({}, GetScriptForRawPubKey(coinbaseKey.GetPubKey())).vtx[0]);
+
+    // Import key into wallet and call dumpwallet to create backup file.
+    {
+        CWallet wallet;
+        LOCK(wallet.cs_wallet);
+        wallet.mapKeyMetadata[coinbaseKey.GetPubKey().GetID()].nCreateTime = KEY_TIME;
+        wallet.AddKeyPubKey(coinbaseKey, coinbaseKey.GetPubKey());
+
+        JSONRPCRequest request;
+        request.params.setArray();
+        request.params.push_back("wallet.backup");
+        ::pwalletMain = &wallet;
+        ::dumpwallet(request);
+    }
+
+    // Call importwallet RPC and verify all blocks with timestamps >= BLOCK_TIME
+    // were scanned, and no prior blocks were scanned.
+    {
+        CWallet wallet;
+
+        JSONRPCRequest request;
+        request.params.setArray();
+        request.params.push_back("wallet.backup");
+        ::pwalletMain = &wallet;
+        ::importwallet(request);
+
+        BOOST_CHECK_EQUAL(wallet.mapWallet.size(), 3);
+        BOOST_CHECK_EQUAL(coinbaseTxns.size(), 103);
+        for (size_t i = 0; i < coinbaseTxns.size(); ++i) {
+            bool found = wallet.GetWalletTx(coinbaseTxns[i].GetHash());
+            bool expected = i >= 100;
+            BOOST_CHECK_EQUAL(found, expected);
+        }
+    }
+
+    SetMockTime(0);
+    ::pwalletMain = pwalletMainBackup;
+}
+
 // Check that GetImmatureCredit() returns a newly calculated value instead of
 // the cached value after a MarkDirty() call.
 //