Everyone does some or other business to earn their livelihood. People do jobs or businesses and also fulfill their needs with the income from it. But people do not only do this with their earnings, but people also save for the future. Everyone can have their different ways of just saving. Like- someone invests money in some scheme, then someone invests money in the share market or SIP etc. Similarly, many people save by keeping money in the bank. But just think that if the account holder dies due to any reason, then who will have the right to this money kept in the bank means who will get this money? So let's try to find the answer to this question...
Not a nominee, so?
Suppose a nominee is not made in a bank account and in such a situation the account holder dies, then whoever claims this money will have to go through a long legal process.
As per the rules, if the nominee has not been added to the bank account, then the person claiming the money has to show the will or succession certificate to the bank. The bank does a thorough investigation and gives money only if found correct.
Joint account rule
If someone has a joint bank account with the bank and one of the account holders passes away due to any reason, then the other person can withdraw money from the bank account. Just for this, you have to show the death certificate of your second account holder to the bank. After this, the bank removes the name of that person from the joint account.
If there is a nominee in the account?
If you have already added a nominee to your bank account, then on the death of the account holder, the nominee has the right over the money kept in his bank account. Just for this, the nominee has to show the original copy of the death certificate of the account holder in the bank, and two witnesses are also required.
(PC: pixabay)
