Claiming a fixed deposit after the account holder’s death involves different procedures depending on whether the account has a nominee or not, and whether it’s a single or joint account. Here’s a breakdown:
Single Account with Nominee:
- Process: The nominee needs to submit the following documents to the bank:
- Death certificate of the account holder
- Nominee’s ID proof (Aadhaar card, PAN card, etc.)
- Claim form provided by the bank
- Payout: Once the bank verifies the documents, the nominee receives the FD amount.
Single Account without Nominee:
- Process: Legal heirs of the deceased account holder need to submit:
- Death certificate of the account holder
- Succession certificate (obtained from a court)
- Claim form provided by the bank
- KYC documents of the legal heirs
- Payout: After verifying the documents, the bank releases the FD amount to the legal heirs as per the succession certificate.
Joint Account:
- Types of Joint Accounts:
- Either or Survivor: Upon the death of the first account holder, the surviving account holder automatically gets the FD. They need to submit the deceased’s death certificate to the bank.
- Former or Survivor: Only the second account holder can access the FD after the first holder’s death. They need to submit the deceased’s death certificate.
- No Nominee in Joint Account:
- If both account holders die and no nominee is present, the legal heirs of the deceased account holders can claim the FD by following the same process as a single account without a nominee.
Additional Points:
- Timeframe: The claim settlement time can vary depending on the bank and completeness of documents, but it usually takes a few weeks to a few months.
- Maturity: If the account holder dies before the FD matures, the nominee or legal heir can choose to continue the scheme till maturity or claim the amount prematurely.
- Succession Certificate: This document is required for legal heirs to claim the FD if no nominee is present and the amount exceeds a certain limit (typically Rs. 3 lakh).
It’s crucial to note that the specific requirements and processes might differ slightly between banks. It’s recommended to contact the bank holding the FD for the most accurate and up-to-date information.
