In today's time, we have become so technically strong that now most of our work is done online. For example, look at the works related to the bank. Now there will be only a few things for which you will have to go to the bank because the process from withdrawing money to sending money to someone has become very simple. You can withdraw money from any nearest ATM whenever you want. But do you know that if an account holder dies and you withdraw money from his debit card, you can even go to jail? Probably not, but it is. That's why it becomes necessary for you to know its rules. So let's know about this...
Usually, when a person in the family passes away, people withdraw money from his ATM as before. But maybe you do not know that it is illegal to do so. At the same time, the nominee also cannot withdraw money from the bank account of the deceased person without informing the bank. There is a provision of punishment if caught in this.
Learn the rules
If someone has passed away and you want to withdraw money from his bank account, then you have to follow the rules of the bank. You can withdraw the money from the deceased person's bank only after transferring all the property to your name. You have to inform the bank about this.
These are the rules for the nominee
If there is a nominee in a bank account, he can withdraw money by informing the bank. But if there is more than one nominee, then in such a situation you have to show the consent letter to the bank. Then only after this, you can withdraw money from the bank account of the deceased person.
Withdrawal Process
If you are a nominee in a deceased person's bank account, then you have to fill out a form. Along with the form, you have to provide the passbook of the deceased person's bank account, the TDR of the account, your death certificate, and your Aadhaar and PAN card. Only after this process, you can withdraw money from the account.
(PC: iStock)
