In the event of death of an individual account holder, the contract of the account holder with the bank is ceased and all operations in his account are stopped. A caution mark 'deceased account' is drawn just below the balance of the account.
As soon as the information of death of any account holder is received by the banks either through newspapers or some reliable source, the date of death and source of information are noted on the ledger folio of the relevant account.
Payment of balance of deceased account:
(a) However, if there is any nominee of the account, bank's are fully discharged in paying him the balance of the account.
(b). Probate or letter of administration or succession certificate from court.
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