What Happens to Money in a Bank Account After the Account Holder Dies? Nominee Can Make the Claim Process Easier
RBI Guidelines Aim to Make Settlement of Death-Related Bank Claims Simpler and Time-Bound New Delhi. Money lying in a bank account does not disappear when the account holder dies. The balance in savings accounts, fixed deposits and other eligible deposits can be claimed by the person entitled to receive it, subject to the applicable banking and legal procedures. For families dealing with the loss of a loved one, handling financial and administrative matters can be difficult. Having a nominee registered with the bank can make the process of submitting a claim considerably more straightforward. Why Having a Nominee Matters When a bank account holder has registered a nominee, the nominee can approach the concerned bank after the account holder's death and initiate the claim proces...