Bank Account: What to do with the bank account after someone’s death? turn it on or off

Bank Account After Death of a Person: Lakhs of people have lost their lives in this Corona Pandemic era. Almost everyone has a bank account. It is believed that after the death of someone, the responsibility of all his financial things lies with his successor. In these responsibilities, there are many works related to banking and insurance.

In such a situation, the question remains in the minds of people that after the death of someone, what should be done with his bank account? If a person has recently lost someone to your knowledge, then we tell you what to do about his bank account. Should the account be closed or can it be transferred to someone else’s name? We give you the answers to all these questions-

What happens to the account?
It has been seen many times that the bank account of the deceased is not known to his family. In such a situation, if there is no transaction in the account for 2 years, it is deactivated. After this, it can be activated again when the bank customer is contacted. If there is no transaction in an account for 10 years, then in such condition all the money in the account and its interest is transferred to the Education and Awareness Fund.

Before this, an attempt is made to contact the family members of the customer. Along with this, family members can also get this account closed if they want. But, experts believe that one should not rush to close the account. Maybe later the family members will get family pension, dividend, rate of interest etc. in this account which can be a big financial help. So do not rush to close the account.

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How is the account of the deceased closed?
The bank account of the deceased cannot be transferred but, his successor can withdraw money from the account. After that, if he wants, he can close the account. For this, he will have to give a notarized death certificate of the deceased person. If there is a nominee in the account then he can withdraw money. The successor will have to give proof of the deceased and his relationship to withdraw the money. After that, after withdrawing the money, you close the account.

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