Claiming Money after Death from Bank Of Baroda Savings Account: Nominee can be defined as a person who receives the benefits in case of death of a person. Nominee is usually the spouse, children or parents.
In case of a savings bank account, the account holder can make someone nominee for his/ her account. The nominee acts as a trustee and receives the claimed proceeds from the bank as a trustee of the legal heirs.
At the time of opening a bank account, most of the banks coerce applicant into making a nomination in your account so that there will be no difficulty in receiving the proceeds of account holder's account after his/ her death. Sometimes it happens that people ignore creating nomination while opening the account.
Account holder/s can make nomination by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
A person can open an account in a bank either singly or jointly. If he/ she is opening an account singly then it is advisable that he/ she must add a nominee in that account so that the nominee can receive the proceeds of the account in a hassle-free manner after the death of the account holder. Joint account holders should also add nominee.
There are following incidences after the death of the account holder when the money or proceeds of the account is required to be claimed. The necessary steps to be taken by the nominee/ claimant/ joint holder/ legal heir have been explained in detail which may be helpful:
If the account is opened with another joint holder and the mode of holding in the account is not single i.e. it is joint or either/ survivor. Then the balance in account will be passed onto the surviving holder on the event of death of one holder.
Step (1): In this case, the surviving account holder needs to submit following documents:
Step (2): The Banker of Bank Of Baroda will then delete the name of the deceased person from the account.
Step (3): If the surviving account holder does not want to continue the savings account, he can or he can simply proceed to close the same by submitting an account closure request.
If the nominee is present in Bank Of Baroda Savings Account then the nominee has to comply with following steps:
Step (1): Step (1): In this case, the nominee of the account has to submit following documents:
Step (2): The Banker will verify the name of nominee in the account.
Step (3): If the banker finds the name of nominee is there in the account then the proceeds will be transferred to the nominee.
If the nominee is not present in Bank Of Baroda Savings Account then the claimant or legal heir of deceased account holder has to comply with following steps:
Step (1): Step (1): In this case, the claimant (legal heir) for the account has to submit following documents:
Step (2): The Banker will verify the documents.
Step (3): If the banker satisfied then the proceeds will be given to the claimant (legal heir).
If there is no claimant or legal heir claiming for the money or proceeds of Bank Of Baroda Savings Account then following steps will be taken:
Step (1): Step (1): When there is no claimant then the bank will transfer the account to a dormant account.
Step (2): Whenever in the future, if the claimant (legal heir) for the account contacts the bank and claims for the proceedings of the account, he/ she has to submit following documents:
Step (3): The Banker will verify submitted documents.
Step (4): If the banker satisfied then the proceeds will be given to the claimant (legal heir).