Who is entitled to savings after death of Bank account holder? Know the legal process

People consider it safe to keep their savings in banks.Who is entitled to savings after death of account holder? Know the legal process. Throughout life people deposit their savings in bank accounts, but do you know who will be entitled to the savings if an account holder dies unfortunately? There are many circumstances in which money can be received by people other than the family.

Know what the rules say In the event of death of the account holder, the rules are very clear about who will get the money deposited in his account. When you open an account with a bank, you provide your nominee's details and the bank records the nominee's details in its files. In such a case, on the death of the depositor, the amount deposited in his account naturally goes to the nominee.

In this case the heir gets the money

In the absence of a nominee, the amount deposited in the bank account goes to the legal heir of the depositor. In this case, the person claiming the amount deposited in the account has to give the account holder's will to the bank. If there is no will, the family members have to provide the succession certificate. It is a special document, with the help of which the heir of a deceased person is identified. It is a very complicated and lengthy legal process. It takes a lot of time to claim money through this.

joint account

This is how you get money when you have a joint account. This rule is also quite simple. Under this, on the death of one of the joint account holders, the other gets full ownership of the account and can withdraw the amount deposited in the account.

Mention the details of the nominee clearly

According to experts, if a person makes any kind of investment, he should inform his family members about it. From bank accounts to insurance and PF accounts, the nominee's details should be clearly mentioned. Apart from this, all your documents should also be kept in such a way that family members do not have any difficulty in finding them.

In this case the family does not get the amount

If the testator has asked in his will to give the amount deposited in the account to any friend or relative or trust other than the family, then in such a case the family does not get the amount.