Settling the financial affairs of a deceased family member often turns into a maze of paperwork, court procedures, and verification steps. In India, heirs and executors must navigate separate processes for each asset — property, provident fund, fixed deposits, mutual funds, or even bank lockers — each governed by its own documentation and legal framework. Advertisement

Bank accounts and fixed deposits (FDs)

When it comes to bank accounts and FDs, the process is generally smooth if the deceased had a joint holder or nominee. The surviving holder can continue to operate the account after removing the deceased’s name, while nominees can claim the balance after submitting the death certificate, KYC, and claim forms.

Problems arise when neither exists. In such cases, the bank releases the f

See Full Page