Bank Account: What happens to your bank account after death? who gets your earnings - Newztezz Online

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Tuesday, March 7, 2023

Bank Account: What happens to your bank account after death? who gets your earnings


Bank Account:
Have you ever wondered what happens to an account after someone's death? Can anyone take undue advantage of it? If you do not know what will happen to your account after death, then let us know what RBI says about it?

Bank Account: Today almost everyone is taking advantage of banking services. From mobile banking to internet banking, our work has become easier. Within minutes we send money from one bank account to another. But, have you ever wondered what happens to the accounts that make your everyday life so easy after the death of an account holder ? Can anyone take undue advantage of it? Or what happens to the money left in your account ? If you do not know what will happen to your account after death, then let us know what RBI says about it?

You might remember that when you had opened the account, you would have been asked to be the nominee of the account. In this you can tell the name of your parents or husband. The bank asks the nominee so that if the account holder dies due to an accident or any other reason, then the nominee has the right on the account of the deceased person. Also, if the nominee wants, he can also get the account closed by giving KYC documents.

What will happen if no one is made a nominee?

If you have not made anyone a nominee while opening the account, then the legal parents of the bank account holder get the right to the account. But even in this case, he will have to prove himself as the legal parent or heir of the account holder through proper documents. For this, he has to give proof of being a property or his relative. By which it will be proved that the money of the deceased is being received by his acquaintance.

What happens in a joint account?

If you have opened a joint account, then after the death of one account holder, the other account holder becomes entitled to that account. In such a situation, he can easily do transactions from the account. Along with this, to remove the name of the person who died from the account, he will have to give his death certificate to the bank branch. After which the bank removes the name of that person from the account.

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