Bank’s New Rule: Who will get the money in case of death of bank nominee, know the rules of the bank

If the account holder and the nominee die together, then who is entitled to the money in the account in such a situation? Let us know who gets the money of the account holder in such a situation.

Nowadays, most of the people of the country are connected with banking services. There are probably very few people who do not have a bank account. You must also have a bank account and in such a situation you must also know about the nominee. Whenever a person’s bank account is opened, the name of the nominee has to be given at the same time. The nominee is the person who is entitled to the money in the account after the death of the account holder. The nominee has to be chosen by the account holder at the time of opening the account, but have you ever wondered that if the account holder and the nominee die together, then who is entitled to the money in the account in such a situation? Today we are going to tell you about this.

Who gets the account money after the death of the nominee

If the nominee and the account holder die together, then the legal heir is entitled to the account money. This legal heir will be a member of the account holder’s family. This can include husband, wife, parents, children or siblings.

If the account holder and the nominee die together, the family members will have to inform the bank about this and also give a death certificate. Family members can take the account money from the bank by proving their identity. In many cases, the bank can also ask for a letter of disclaimer or legal heir certificate from the family member. At the same time, if there is more money in the account, then a succession certificate from the court has to be deposited in the bank. The bank distributes this money among the family members under the Indian Succession Act.

If the account holder has a will, then the money is distributed as per the will.

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