If a person dies without assigning a nominee, the legal heirs can claim the bank money by following a process that involves providing necessary documents and following the procedures set by the bank. Here is an example and a step-by-step process:
Example: Let's consider that Mr. Kumar passed away without assigning a nominee for his bank account. He had two legal heirs -- his wife, Mrs. Kumar, and his son, Mr. Raj. They need to claim the bank money after his demise
Process
1. Obtain a copy of the death certificate
Mrs. Kumar and Mr. Raj should obtain a copy of Mr. Kumar's death certificate from the appropriate authority.
2. Gather necessary documents
They should gather the necessary documents, including Mr. Kumar's identification proof (such as passport or Aadhaar card), address proof, and any other documents required by the bank.
3. Contact the bank
Mrs. Kumar and Mr. Raj need to reach out to the bank where Mr. Kumar held his account. They should inform the bank about Mr. Kumar's death and inquire about the process for claiming the money in the absence of a nominee.
4. Provide the required documentation
The bank may require Mrs. Kumar and Mr. Raj to submit documents to establish their relationship with Mr. Kumar. This may include documents such as a legal heir certificate, succession certificate, or a letter of administration. They should obtain these documents from the appropriate authority, such as a revenue department or a court.
5. Fill out claim forms
The bank will provide claim forms that need to be filled out by Mrs. Kumar and Mr. Raj. These forms will require details such as the account number, Mr. Kumar's personal information, and the details of the legal heirs.
6. Submit the claim forms
Mrs. Kumar and Mr. Raj should submit the completed claim forms along with the necessary documentation to the bank. It's essential to obtain an acknowledgment receipt for the submitted documents.
7. Follow up with the bank
They should regularly follow up with the bank to inquire about the progress of the claim and any additional documents that may be required. It's crucial to stay in touch and provide any requested information promptly.
8. Distribution of funds
Once the claim is processed and approved by the bank, the funds can be distributed among the legal heirs according to the applicable laws of inheritance. In this example, Mrs. Kumar and Mr. Raj would likely receive the money in proportion to their legal rights as per the laws of inheritance.
It is important to note that the specific requirements and processes may vary from bank to bank and according to the laws of the country or state where the bank is located.
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