How to Claim Fixed Deposit Death Death?
DeathIndia (RBI) has stipulated stringent guidelines for dealing with claims due to the death of the primary holder of a fixed deposit.
Holding Patterns and Nominees in an FD
When you open a Fixed Deposit account, you can choose to be the only account holder or open it jointly. For jointly held fixed deposits, you need to choose the operational mandate. The commonly used mandates are:
- Either or Survivor: Only two people can open this account. The financial institution will carry out instructions even if one joint account holder signs the request
- Anyone or Survivor: More than two individuals can open this account. The financial institution will carry out instructions even if one joint account holder signs the request
- Former or Survivor: Only the primary account holder can operate the account. The secondary account holder can operate only after the death of the primary account holder
- Latter or Survivor: Only the secondary account holder can operate the account. The primary account holder can operate only after the death of the secondary account holder
- Joint – The account can be operated only when all the account holders sign
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