Who gets the bank money after the death of the account holder? Know how the claim will be done without a nominee

Bank Account Claim Without Nominee: Withdrawal of money from a bank account or locker after the death of a person becomes challenging for the family when there is no nominee or there is a dispute in the family. If the nominee is already fixed in the account, then the money can be easily received by applying to the bank along with death certificate and KYC documents. But if there is no nominee, the process becomes a little difficult. In such a situation, the heirs need some additional legal documents to prove their identity and rights.

You should have these important documents

If the amount is up to Rs 15 lakh, then heir certificate has to be submitted along with the application form, death certificate, KYC and indemnity bond made on stamp paper. But if the claim is above Rs 15 lakh, then along with all these documents it is necessary to submit an additional security document (Annexure IC). In simple words, for larger amounts the bank asks for more legal documents as security.

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The process may stop

Even after submitting all the documents, if the bank detects any kind of fight or dispute between the family members, then the process may stop. In such a situation, the bank demands court intervention for its safety. Then it becomes mandatory to show Succession Certificate, Probate of Will or any concrete order of the court, so that it can be clear who is the real owner of the property.