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Personal Finance: A recent incident in the state of Odisha has shocked the entire country; In which a man is forced to take a painful step to prove his sister’s death. There, a brother had to take his sister’s dead body to the bank in order to get the savings from his sister. This is not just an isolated incident, but a serious warning. This illustrates how difficult it can be to claim funds after the death of a loved one if the necessary documents and heir details are not kept up to date. To avoid such mishaps, it is very important to know in advance how to easily access bank balance, Employees Provident Fund (EPF) and insurance amount of a deceased relative.

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The entire process is explained here in simple terms:

1. How to withdraw money from bank account?

If a Nominee is registered on the account, the process is very straightforward. The bank pays the amount easily only on submission of death certificate and KYC documents. But if there is no nominee on the account, then you need to submit Claim Form, Indemnity Bond and NOC from other family members along with death certificate. In case of small amounts, banks usually settle these claims easily. If the amount involved is large, the bank may ask for production of ‘Heir Certificate’ or ‘Death Certificate’ attested by the court.

2 EPF and Pension Fund

Even if no nominee is appointed in the EPF account, family members can still claim the funds. For this, you need to submit ‘List of Surviving Family Members’ certified by the company or ‘Legal Heir Certificate’ issued by the Government Authority. Based on these documents, the legal heirs can fill the claim form either online or offline.

3. Sum Assured

In case of insurance, it is very important to remember that the nominee is not always the owner of the fund or amount. That person acts only as a Trustee; whose duty is to accept the amount from the bank or insurance company and distribute the amount to the actual legal heirs. Beneficiary Nominee: As per rules effective from 2025, if spouse, children or parents are appointed as nominee, they will be treated as beneficial owners of the fund. If the nominated person is someone else or if no person is nominated then other relatives will need to obtain Succession Certificate from the court.

Legal advice and remedies

If a bank or institution refuses to pay the amount, you can appeal to the Civil Court. To avoid such complications, experts advise that it is mandatory that you nominate a person for every investment and bank account you have. Make sure that you update your nominee details from time to time. Also, if possible, prefer to have a Will.

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