What happens if the FD holder dies?

The survivor has to produce the death certificate to the bank. Upon receipt of the same, banks will delete the deceased person’s name and the FD will turn to be in the name of a survivor. In a case of death of both holders, then the money will be payable to a nominee.

What if one of the joint account holder dies?

When the account is held jointly without survivorship clause When the account is jointly held without a survivorship clause, then in the event of death of one the account holder, the balances can be paid jointly to the surviving account holders and legal heirs of the deceased.

What if there is no nominee in FD account?

If there is no nomination in place, on the death of one or more depositors, the legal heirs of the deceased and the survivor will get funds. On the death of all depositors, the legal heirs of all the depositors will get the funds. And if there is no nominee, the legal heirs of all depositors would get the money.

What happens if policy holder and nominee both died?

Nominee’s Death The policyholder can change the nomination. However, if the nominee dies after the insured’s death but before receiving the claim amount, the amount would then be paid to the legal heirs.

How can I transfer my FD to another person?

How to close How To Transfer Saving From One Branch To Another Branch In Bank Of India Fixed Deposit Account?

1. (1) Fill up the FD Account Closure Form or Fixed Deposit Liquidation form of How To Transfer Saving From One Branch To Another Branch In Bank Of India.
2. (2) Attach your KYC (Know Your Customer) Documents.

What if policy holder and nominee both died?

Nominee’s Death If the nominee dies while the insured is alive, the nomination becomes null and void. The policyholder can change the nomination. However, if the nominee dies after the insured’s death but before receiving the claim amount, the amount would then be paid to the legal heirs.