Your grandparent died without a Will or FD nominee. Here’s how to claim the money
No Will. No nominee. No idea what to do next. This step-by-step guide walks legal heirs through exactly how to claim a deceased person’s fixed deposit from an Indian bank, without a lawyer.
No Will. No nominee. No idea what to do next. This step-by-step guide walks legal heirs through exactly how to claim a deceased person’s fixed deposit from an Indian bank, without a lawyer.
2/6
Step 1 & 2: First, freeze the account. Then gather these 5 documents.
Go to the bank immediately and inform them of the death. This freezes the account from unauthorised transactions.
Then collect:
1.Death certificate (original or certified copy)
2.Legal Heirship Certificate or Succession Certificate
3.PAN card and Aadhaar of all legal heirs
4.Passport-size photos of all legal heirs
5.Original Fixed Deposit receipt (if available)
3/6
Step 3 & 4: Fill the claim form. Then sign an indemnity bond
Every bank has its own deceased claim application form; ask for it at the branch.
You will also need to sign an Indemnity Bond. This is a legal document where all heirs collectively promise the bank there will be no future dispute over the funds. Without it, most banks will not release the money.
4/6
Not everyone in the family has an equal claim. Here’s who does
- Under the Hindu Succession Act, only Class 1 heirs have the primary right to claim funds. This includes the spouse, children, and mother of the deceased.
- Grandchildren also qualify if their parent (your grandparent’s child) died before the FD holder, the grandchildren step into that parent’s share with equal rights.
5/6
Minor heir? Multiple claimants? Here’s what the bank will ask
- If one of the legal heirs is a minor, their legal guardian must handle the paperwork and sign on their behalf.
- If there are multiple heirs, the bank may ask all parties to submit a written agreement naming one person to receive the full payment on everyone’s behalf. Disagreements between heirs can significantly delay the process.
6/6
Final step & takeaway: The bank verifies, Then releases the funds. But do this one thing now
Once all documents are submitted, the bank reviews and verifies everything. If satisfied, they disburse the FD amount, including accrued interest, to the legal heirs.
The entire process can take weeks or even months. The single biggest lesson: ask your family members today whether their FDs have a nominee. Adding one takes five minutes and saves heirs from this entire ordeal.
aniltikotekar4sme.com 