- The account can be operated only when all the account holders sign the request
- Jointly or Survivor – Similar to Jointly, with the only difference being that in the event of the demise of the account holder, the survivor can continue to operate it.
- Nominee: A nominee is the custodian of a fixed deposit. Therefore, he/she is the trustee of the FD with any right over it. We will discuss more on fixed deposit nominee rights in this article.
Claiming FD after the Death of the Account Holder
Here is how financial institutions handle claim payments after the death of the account holder of an FD:
Individual
If the FD is held by an individual (only), then upon the death of the account holder, the nominee needs to submit the death certificate of the account holder to withdraw the funds. The nominee is also required to submit proof of his/her identity.
If an individually-held fixed deposit account does not have a nominee, then the legal heirs are required to submit a death certificate along with a succession certificate to withdraw the funds.
Joint account
Here are the processes for claiming a Fixed Deposit after the death of a joint account holder:
- Either or Survivor Joint Account: The survivor can unconditionally continue the FD account upon producing the death certificate of the primary account holder.
- Jointly or Survivor Account: The survivor can continue holding
- The account can be operated only when all the account holders sign the request
- Jointly or Survivor – Similar to Jointly, with the only difference being that in the event of the demise of the account holder, the survivor can continue to operate it.
- Nominee: A nominee is the custodian of a fixed deposit. Therefore, he/she is the trustee of the FD with any right over it. We will discuss more on fixed deposit nominee rights in this article.
Claiming FD after the Death of the Account Holder
Here is how financial institutions handle claim payments after the death of the account holder of an FD:
Individual
If the FD is held by an individual (only), then upon the death of the account holder, the nominee needs to submit the death certificate of the account holder to withdraw the funds. The nominee is also required to submit proof of his/her identity.
If an individually-held fixed deposit account does not have a nominee, then the legal heirs are required to submit a death certificate along with a succession certificate to withdraw the funds.
Joint account
Here are the processes for claiming a Fixed Deposit after the death of a joint account holder:
- Either or Survivor Joint Account: The survivor can unconditionally continue the FD account upon producing the death certificate of the primary account holder.
- Jointly or Survivor Account: The survivor can continue holding
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