Bank Account Tips: Who gets the money kept in the bank account after the death of the account holder?

Today crores of people in India have bank accounts in which lakhs of crores of rupees are deposited. People's money remains safe in the bank. However, it has also been seen many times that the bank account holder dies. In such a situation, the question arises that if a bank account holder dies, then who gets the money deposited in the bank? Let us know.

Bank account

Whenever a bank account is opened, many details are asked of the person opening the bank account. One of these details is also of the nominee. Under Nominee, the name of the person is given who will be the heir of the amount deposited in that bank account after the death of the bank account holder.

Nominee details

In such a situation, people need to enter the details of the nominee while opening a bank account. Often people put the names of their family members under the nominee. In such a situation, after the death of the bank account holder, the amount deposited in the bank goes to the nominee of that bank account. However, what will happen if the details of the nominee are not entered while opening the bank account?

Bank account details

Whereas if the nominee's details are not entered in the bank account and the bank account holder dies, then his legal heirs will inherit the account. To transfer the account, the heir has to submit legal documents like a death certificate and proof of legal heirs. The main rule of the Nominee after death is that the nominee gets access to the account only after the death of the account holder.

Legal Owner

The nominee will not become the legal owner of the account while the account holder is alive. If there is no nominee in the bank account after death, then the account holder may face difficulty in transferring money. There may be legal disputes or delays in transferring the account to legal heirs.