Transaction amount from My Grandfather account after death

3 years ago

My Grandfather expired,after one day I did transaction from Grandfather account to my account because I already hold that account as My Grandfather tell me every thing about his account like ATM pin. Net banking etc.
Now problem is that, Is it legal to transfer money from any account after death of account holder.If,Will bank ask to refund money back to that account.Then,What should I do.
Because, Tau(Bade papa) raise a complaint against me that I have done illegal transaction,He said that nobody can do any transaction after death of account holder.
So, I'm too worried about this problem.please Help me and give a right solution for this.
Thank You.

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Kishan Dutt Kalaskar

Responded 3 years ago

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A.Dear Sir,
You cannot transfer any amount from your grandfather’s account after his death. It is a debatable issue.

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Shunmugapriya Priya

Responded 3 years ago

A.First you have must inform the bank the account holder died on date about details. Then you request close account. Same submit to properly transfer to the accountiary befintis should enjoy. Otherwise you act account to operate it's to illegal transactions

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Adv. Anushka Dikshit

Responded 3 years ago

A.Hello. I would like to know who the nominee of the account is. When it comes to assets in any bank in the Republic of India, all banks follow the guidelines provided by Reserve Bank of India. The claimants are required to inform all banks of the deceased about the death of the account holder. The inquiry begins: ask whether the deceased, in his/her single account/fixed deposit/safe deposit box (Lockers), registered any nominees? If yes, only the nominee has a right to file a claim with the bank for recovery of assets of the deceased. He/she submits copy of death certificate, verifies his/her identity, and nomination. The bank will transfer the entire balance in the deceased’s account to the nominee, who will distribute the same to legal heirs of the deceased. There is no need for obtaining Court documents, i.e., Grant of Probate, Letter of Administration, or Succession Certificate. “Nominee” and “Survivor” of Joint Account Holder, are just trustees or fiduciaries of legal heirs of the deceased. They are not owners of the assets of the deceased. Their responsibility is limited to collecting the assets and distributing the same to legal heirs. In case, there is no nominee or survivor recorded in the bank account by the deceased, the bank will require production of necessary documentation from the claimant.

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Anik

Responded 3 years ago

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A.Hi,
You can always contend the intention with which the transaction was done and for what means. Nevertheless, it is advisable to contact the bank and submit the death certificate to close the account of the deceased and get the money deposited in the deceased's account.

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Ayantika Mondal @ Prime Legal

Responded 3 years ago

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Ankur Goel @ Complete Law Shield

Responded 3 years ago

A.thats correct, its illegal. nobody should operate account because person is no more.
however there are ways to handle it now.

Hope this clarifies,
Advocate Ankur Goel

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