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
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