How To Withdraw Money From The Account Of A Deceased Person?

While opening a bank account, the bank asks for various information and also ask to file the name of the nominee. Have you thought about why the bank asked for it and how important it is to choose a nominee? Making nominations in the bank account could help you to avoid hassle to your family in case of any misfortune to you.

If you have any thought of using the ATM card and pin number of the deceased person's account to withdraw money, it is punishable if you are not a joint owner of the bank account.

Many senior people who opened a bank account at a young age may not have made a nomination. While you should preferably do so, here's what could happen if the person dies without a nomination in the savings account. There are a few ways to get money from a deceased person's savings account.
There could be 3 situations in which the amount withdrawing procedure would take place. These cases are as follow:

Joint account with the deceased person

If the survivor shares a bank account with another joint account holder, the account amount is passed on to another joint account holder. Now, to remove the name of the deceased person from the joint account and nomination, a copy of the application and a photocopy of the death certificate should be presented to the bank branch. This will allow the bank to remove the deceased name from the bank account.

Nomination is available

If there is a nomination, the money available in the bank account will be passed on to the nominee. The nomination, as well as an original copy of the death certificate, will be checked first by the bank. However, if there is a dispute over the nomination and a copy of WILL (A legal document that expresses the deceased person's wishes) needs to be present in the bank, this procedure could be lengthy and cause you inconvenience. Two witnesses would also be required to ensure that the bank pays the dues to the right nominee mentioned in the nomination.

No Nomination is not available

If the account does not have a nomination or is not a joint account, you will have to go through a lengthy legal process. You may be required to produce a copy of the WILL or a succession certificate as part of the process.

No Claim has been made

No claim has been made by anyone over the bank account and the money, in this case, the bank may close the account and convert it to a dormant account. The bank may transfer the available balance in the respective bank account to the legal heir as soon as a claim is filed.

What is a Succession Certificate?

A succession certificate is a document handed to the heirs of someone who has died without leaving a will. A succession document is provided to a deceased person's successor who has not prepared a will in order to verify the successor's authenticity.