If the account holder dies without declaring the nominee, then who will get the money in the account?

Bank Account without Nominee Claim: When one opens a bank account or demat account or account for investment, there comes an option to add a nominee in the process. The nominee is, in a way, an heir, i.e. entitled to your thing after you. In case of bank accounts, if something happens to you, an accident or something else, then the money in your account is given to the nominee.

Since adding a nominee is not mandatory, many people do not add a nominee to their account. However, it is not right to do so. If you add a nominee, your money will go to the right person after you. If you do not add a nominee, to whom will the amount be paid? You may get into legal trouble regarding this matter. Let us tell you that if no nominee is added to the account after death, then who will get the money and what is the process-

Who will get the money if there is no nominee?
If there is no nominee in the account of an account holder and that account holder dies, then in such a situation the money deposited in that account will be handed over to the legal heir of that account holder. If the account holder is married, his wife, his children and parents are his legal heirs. If the account holder is not married then his parents and siblings can claim his money.

How will the money be claimed?
Generally, if a nominee is added to the account. Therefore, after the death of the account holder, the nominee has to provide some documents and the money is transferred to him. But if there is no nominee, then in such a situation the successor has to make a claim. It also requires certain documents, these include death certificate of the deceased, photograph of the legal heir, KYC, disclaimer letter Annexure-A, indemnity letter Annexure-C.

Why is it important to include a nominee?
If there is no nominee in an account, then after the death of the account holder, a dispute may arise regarding the legal heirs of the account. And proving it can take a lot of time and cost a lot of money. Insurance companies may also find it difficult to pay claims. Because they don't know who the legal heir is. Therefore, it is right to add a nominee to the account. By doing this the family remains safe from future difficulties.