According to the Bank Company Act-1991, Section 103, And Bangladesh Bank Banking Regulations and Policy Department Circular No.: 06, Dated: 19-04-2017 and Department of Financial Institutions and Marketing circular no.: 02, dated-12-06-2017 clearly stated that after the death of account holder nominee will get the deposited amount.
But Most of the 1st and 2nd generation bank maintain accounts that have no nominee mentioned in the account opening form and also in the Banking System software. And also, the Proprietorship account, Account in the name of Public & Private Limited Company, Group of Companies have no nominee. In these accounts, we have always a question that who will get the nominee less account deposit amount in case of death of account holder or authorized signatory or account operator.
For Public & Private Limited Company, Group of Companies management of the company specified in their account opening instruction what will be the instruction after the death of their existing or authorized signatory or account operator but in case of a proprietary company what will be the scenario. In my earlier content, I discussed the process of payment in the account which has a nominee. Here, I’m trying to discuss the payment process of nominee less account deposit amount.
Required Documents to be submitted to get the nominee less account deposit amount:
First of all, Family member or relatives of the deceased person has to inform to the bank authority about the news of deceased person and mark it deceased account. If the deceased account has no nominee or the account is a Proprietorship account then the following documents have to submit to the bank authority to get the amount;
01. Application in a plain paper by the successor mentioning account holder death details, account number.
02. Death certificate from Union Parishad/Pourashava/City Corporation. If died in a hospital death certificate from Registered Doctor/Civil Surgeon. And if died in abroad Death certificate from Bangladesh Embassy from the respective country.
03. Succession certificate from Union Parishad/Pourashava/City Corporation mentioning name, age and relation with the deceased person.
04. NID/Passport/Birth Certificate of the Successor certified by local people’s representative. In case of the Birth certificate have to submit another photo attached ID like; professional ID, Student ID, Registration Card of educational Institutions. And Recent passport size photograph of all the Successor.
05. Among the successor Who will get the amount on behalf of the Successor name of one-person affidavit from 1st class Magistrate/Notary Public on an adequate amount of non-judicial stamp. (Some banks are practicing taking affidavits from 1st class Magistrate/Notary Public on an adequate amount of non-judicial stamp mentioning each successors portion in deceased account amount and make payment to them on the basis of the affidavit).
06. Have to return unused cheque book leaves, passbook, cards and other documents of banks of this account.
Read Also: Who will get the money from a deceased person’s bank account?
Banks parts to do;
After verifying all submitted documents bank will;
01. Take an indemnity bond from Successor referenced by two people accepted by the bank on non-judicial stamp/adhesive stamp of appropriate value.
02. Bank will confirm that the deceased person has no liability with the bank.
03. After confirming about Successor and all presented documents to ensure more security to pay the amount bank may transfer the amount to the account of the nominated person on behalf of the Successor. If the Successor has no account with the bank may transfer by opening a new account. Bank also practice transferring the amount through issuing Payment Order in the name of the Successor.
04. Bank may take time to settle this amount if the amount goes beyond the business delegation power of the head of the branch. In that case, they have to take permission from their competent authority.
These are the common procedure followed by most of the banks for payment of deceased account deposit amounts.