Monday, October 2, 2017

How to take the death person money from the Bank

If the bank account of the deceased has no nominee mentioned then according to Reserve Bank circular dated 12 July 2005, if the money is less than the threshold limit decided by different banks (which is normally around Rs.1 lakh) then banks are advised to desist from insisting on production of succession certificate, letter of administration, etc. Here the legal heirs i.e. all the four successors, have to sign a letter of indemnity which states that the bank is not liable any more. The heirs, i.e. you, will be receiving payments from bank as trustee of legal heir from the deceased person. If any legal problem surfaces regarding the ownership of the bank money, then the complainant will deal directly with you and not with the bank.

If the money in the bank is more than the threshold limit decided by your bank, then succession certificate is mandatory. For inheriting the money of the deceased, all the legal heirs should also write and sign a Joint application for the same.

If the deceased person had held money with another person in a joint bank or building society account, the surviving joint owner automatically owns the money. If there is a nominee, the bank will establish the fact of death of the deceased (death certificate is necessary) and the identity of the nominee, then the remaining balance will be transferred to the nominee. The bank will make clear to the nominee that he/she would be receiving the payment from the bank as a trustee of the legal heir of the legal depositor, i.e. the nominee would have to return the money to the legal heirs of the deceased.

Article K.P.Satish Kumar M.L., Best Civil lawyer in Chennai
For queries contact Daniel & Daniel @ 9962999008.

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