If a member of the family dies, it takes a long time to recover from the shock, but even after facing this grief, some work is necessary. Bank related work is also included in the same important things. For example, after the death of a family member, should their bank account be closed as soon as possible? What to do with the dead person’s ATM card?… Let’s know the answer to all these questions…
New Delhi. If a member dies in the family, it takes a long time to recover from the shock, but even after facing this grief, it is necessary to do some work. Bank related work is also included in the same important things. For example, after the death of a family member, their bank account should be closed as soon as possible? What to do with the dead person’s ATM card?…Let’s know the answer to all these questions..What does the RBI rule say?…
Recently a fresh case came to the fore where a man after the death of his wife withdrew money from her bank account through ATM. The husband devised this method to avoid the necessary paperwork related to the death of the wife. But this intelligence of her husband overshadowed her. Taking legal action against the husband, the bank has lodged a complaint with the police.
From this it is clear from the case that it is illegal to withdraw money from the bank account of a deceased person through ATM, even if the person withdrawing money is the nominee of the deceased. On the death of a person, there is a legal process to transfer his property or money in the name of the nominee.
What does the rule say?
The law states that such cases amount to defrauding the bank and other legal heirs. In such a situation one can file a police complaint which will be investigated. Criminal punishment will be applicable on the basis of these charges. If the deceased has made more than one nominee in his bank account and one of them wants to use that money, then he has to take consent letter from other nominee and file it in the bank.
Keep these things in mind,
if a person had an account in the bank and has died, then before filing the death claim, his family members should take care of some special things. Find out whether the bank account of the deceased was a joint account or alone. After this find out whether the name of the nominee was registered in the bank account or not. If an account holder dies, then their relatives can claim the amount kept in the bank account.
What to do if you want to close the bank account?
If you want to get the bank account closed, then the notarized death certificate of the deceased person will have to be given. Death certificate can be easily made in the local municipal body. If there is a nominee, he will get all the money, who will hand it over to the successor.
But if there is no nominee, then the family member who will be the heir will have to present documents related to the relationship between himself and the deceased person in the bank along with the death certificate. The bank may also ask for an indemnity bond.
What is RBI directive?
RBI has asked banks to keep a soft stance in such matters. After the death of a family member, there is no fixed time limit for giving information to the bank. Whenever the victim’s family is mentally ready, then this work can be done. According to the instructions of RBI, if family members apply for withdrawal, then the bank will have to complete it in 15 days.
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