Bank Account: A bank is considered a good way to keep your hard-earned money safe. A bank is a place where your money will not only be safe, but you will also get interested in it. In such a situation, money kept in the bank can also earn you extra money. But have you thought about what happens to the money kept in the account of a deceased person? Should that money be withdrawn, or the bank itself should be declared entitled to that money. Here you must know about the rules of the bank related to this.
If there is money in the bank account of a deceased person and you want to withdraw money from his account, then you need to know the rules of the bank.
3 rules of the bank regarding the deceased
Let us tell you that whenever you open a new bank account, information about the nominee will always be taken from you by the bank. If someone dies naturally or due to an accident, then the nominated person by the deceased person gets this money. Let us know in what circumstances the bank gives what rules.
If it is a joint account
If a person has a joint bank account then the other person can easily withdraw the amount from the account. In case of the death of one member, to remove the name of the deceased person from the joint account, the other partner has to submit a copy of the death certificate to the bank branch. After this, the bank will remove the name of the deceased person from the joint account.
If the person’s nominee is mentioned in the account
If there is a nominee, then the nominee will get the amount present in the bank. Before disbursing money, the bank goes through a lengthy process as well as, checks the original copy of the death certificate. After receiving the money, the bank asks for two witnesses, to ensure that the original nominee gets the money.
If the account holder has not mentioned the nominee
If there is no nominee in the account, then the person who wants the money has to go through a lengthy legal process. That person will have to give a will or a succession certificate. This will prove that he should get the money of the deceased.
What is a succession certificate?
A Succession Certificate is a document that is given to the heirs of the person who dies. If the person who died has not left without leaving a will.