How To Release Funds From Deceased Bank Accounts,When a Bank Account Holders dies and Bank gets to Know about this through the deceased close relatives or through any other medium then that person Account is marked deceased.
Deceased bank Account can no longer be debited even if the deceased had issued a cheque and that cheque is presented at counter in the bank for payment.
When the heirs of that Bank Account holder approach Bank for release of funds then Bank ask them to complete legal formalities to prove they are legal heirs of the deceased.
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The most important document in this regard is succession certificate which contains the detail of the legal heirs.
Earlier the succession certificate was issued by the court but now this authority has been shifted to NADRA.
On the provision of succession certificate and the CNIC’s of the legal heirs branch prepare a case to be approved by higher authority.
Then after the formal banking steps in this regards payment orders are issued to the legal heirs as per their shares.
Who will get how much share depend upon their relationship with the deceased. The window will get the 8th part of the total funds. The son will get double of the daughter. In this will all of them get their shares in the form of payment order and then finally they deposit these pay orders in their bank accounts to get the funds.