When a bank account holder dies, the money lying in the account can be claimed by the nominee, family members or legal heirs, subject to the applicable bank procedures. The claim process becomes simpler when the account holder has already registered a nominee.
The Reserve Bank of India (RBI) has provided guidelines concerning the settlement of claims related to the accounts of deceased customers. Families can approach the concerned bank and complete the required formalities to access the funds.
How to Claim Money From a Deceased Person’s Bank Account?
The claim process generally involves a few basic steps. First, the claimant should visit the concerned bank’s website or branch to obtain the applicable death-claim form and information about the required procedure.
The claim form must then be completed with the necessary details and submitted to the bank along with the required documents. These generally include the account holder’s death certificate, identity proof of the nominee and other documents required by the bank.
The exact documentation can differ depending on the bank and the circumstances of the particular claim. Therefore, claimants should confirm the requirements with the concerned bank before submitting the application.
RBI Rule: Claim Settlement Within 15 Calendar Days
According to the RBI guidelines mentioned in the article, once the required documents and formalities have been completed, the bank is required to process the claim relating to the deceased account holder’s funds within 15 calendar days.
Family members or nominees should therefore arrange the necessary documents and approach the concerned bank to initiate the settlement process.
Why Is Registering a Nominee Important?
A nominee can make the process of dealing with a bank account after the account holder’s death considerably simpler. The nominee is the person designated by the account holder to receive the funds in the account after the account holder’s death, subject to applicable rules and procedures.
Customers who have not yet registered a nominee can contact their bank to add or update nominee details. Keeping nomination and other banking information updated can help reduce difficulties for family members when they need to handle the account in the future.
Customers should also rely on official RBI information and instructions provided by their respective banks for the latest requirements relating to deceased account claims.
Disclaimer
Bank claim procedures, documentation requirements and applicable timelines may vary depending on the account type, bank and circumstances of the claim. Customers and claimants should verify the latest requirements directly with the concerned bank and official RBI sources before submitting a claim. This article is intended for general informational purposes only and should not be considered legal or financial advice.