What happens if a bank account holder or depositor dies? Who can access deceased person’s savings account or deposits? What is the procedure to claim balance?
Death is inevitable for all of us. At the same time, opening a bank account is a common thing for all of us (whether we earn or not). In such a situation, what happens if a bank account holder dies? Let us try to understand this aspect in detail.
How many of us thought of a situation where we are not here and in that case who will be the authorized person to operate our savings account? What is the procedure to claim such accounts? Whether your family members aware of this process?
Can You Withdraw Money From The Account Of A Deceased Person?
We as humans always look for the easiest ways. This applies here too. As a family member of a deceased person, we may be aware of the ATM card PIN or Internet banking login details. Hence, many think that rather than informing the bank about the death and following the bit lengthy process of claiming the money, why not withdraw the money from the account and then let it be idle forever?
You can do so. However, it is an OFFENCE (if you are not a joint account holder of the account). Never take such illegal routes. Even if you are aware of ATM PIN and internet banking login credentials, legally you must not do so.
Instead of this, follow the below steps to claim the amount available in the bank account of the deceased.
What happens if a bank account holder or depositor dies? The below steps are important and must follow procedures in case of a deceased person’s bank account.
# Step 1 – Intimate the Bank:
Immediately after the death, intimate the bank about the death of the account holder by submitting the relevant proof like a death certificate. Upon receiving the intimation, such an account will be converted into a dormant account for further transactions. However, few credits like dividends may continue to be credited. If you are not a nominee of the account or not the legal heir, then the bank may inform the nominee about the death of the account holder.
