how to claim fixed deposit after death?
Hi,
If a person holding a Fixed Deposit (FD) passes away, the money doesn’t get stuck forever. Banks have a proper process to hand it over to the rightful person. Let me explain the process :
When people open an FD, banks usually ask them to add a nominee (like a spouse, child, or relative). If the FD has a nominee, the process becomes very simple.The nominee just has to approach the bank with the required documents, and the FD amount will be transferred to them.
If no nominee is registered, the bank will hand over the FD amount to the legal heirs of the deceased person. The legal heirs may have to provide additional documents such as a succession certificate, will, or legal heir certificate, depending on the case. If there are multiple heirs (like children), the bank may ask for a joint declaration or consent letter from all of them.
The person claiming the FD generally needs to submit the death certificate of the account holder, FD receipt/passbook, Identity proof and address proof of the nominee/legal heir, etc.
The bank will verify the documents and if everything is fine, the bank will close the FD and release the amount.
If there is a nominee, the process is usually completed within 7–15 working days after submitting documents. If there is no nominee and legal papers are needed, it may take longer.