Almost everyone saves some money from their earnings. If someone invests this money in a scheme or scheme, someone does other work like taking a stock market, or LIC policy. But some people deposit their money in the bank. Where they also get interested. People save this money for their future so that they do not have problems in old age. But have you ever thought that if the account holder dies for some reason, then what will happen to the money kept in his bank account? Who will get this money and when? Probably not, so let's try to know. In the next slides, you can learn about this ...
There is no nominee, what will happen then?
If a person does not have a nominee in a bank account and the account holder dies. Then a person who claims money kept in the bank has to go through a long legal process to get this money.
In the event of not being a nominee, the person who is claiming the money kept in the bank has to show the will or the succession certificate to the bank. This identifies the bank whether the money is going into the right hands or not.
Joint account
If a person has a joint bank account, but if a person dies due to some reason. Then another account holder can withdraw money from the bank account. For this, you have to give a copy of the death certificate to the bank. After this, the name of the dead person is removed from the bank account.
Being a nominee
If there is a nominee in your bank account and for some reason, the account holder dies, then the money kept in that bank account is the right of the nominee. However, it has to undergo a long process. In the bank, the real copy of the Death Certificate of the account holder has to be shown and two witnesses are also seen.
(PC: Freepik)
