My father passed away on 23 May 2022. I wish to know below: His name is in savings account & FDs as first or second name along with my mother’s name or my name with either or survivor. I wish to know whether his name to be deleted soon or how long it can be kept?
Ans: If the depositor has passed away before the maturity, and if there is no other joint depositor, the nominee will receive the maturity benefit (if nominee is not mentioned, the legal heir will receive the whole maturity benefit).
If deposits are in Joint Names with Survivor ship Clause, then it is sufficient for you to make a simple application along with a photocopy of the Death Certificate for record of the Bank. You can continue with the account by deleting the deceased depositor's name.
The balance of the savings account where your father is the primary account holder can be transferred to a new account in your /mother’s name.