Whose money is deposited in the account?
Whenever you go to open an account in the bank, you are asked to add a nominee. Whether it is a savings account or a joint or current or demat account, adding a nominee is necessary. For this, the name, age, relation with the account holder and address of the person you want to make a nominee has to be given so that if in any situation the account holder dies, the money deposited in the account is transferred to the nominee.
People can make more than one nominee if they want. In this situation, the money is distributed equally among all. Not only this, many banks also provide such a facility in which you can mention how much share is to be given to which nominee. Now the question is who can you make a nominee? If the account holder is married, then the legal heirs are his wife, children and parents and if the account holder is not married, then his parents and siblings can claim the deposited amount as heirs, but for this, paperwork has to be done.
How to get money?
If there is no nominee in the bank account, then after the death of the account holder, his death certificate has to be deposited in the bank. Along with this, it is also necessary to submit the heir certificate or succession certificate for the legal heir in the bank so that the bank can ensure that the money goes to the right person. Other documents also require documents like passport side photograph of the legal heir, KYC, letter of Disclaimer Annexure-A, letter of Indemnity Annexure-C, Residential Proof. After this, the bank checks the legal documents and if needed, can ask for the succession certificate from the court. After all the formalities are completed, the bank pays the money to the nominee.
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