Nominee Claim Settlement

• If the RD account holder dies, the nominee registered with the bank or post office can claim the proceeds.
• The nominee must submit the death certificate and valid identity proof.
• Upon verification, the bank releases the entire maturity amount or balance.
• The claim process is usually smooth when nomination details are correct.
• Nominee acts as a trustee for legal heirs, not necessarily the sole beneficiary.

No Nominee Scenario

• If no nominee is registered, the bank asks for a succession certificate or legal heir certificate.
• Legal heirs must submit identity and relationship proof.
• The bank or post office may require an indemnity bond or affidavit.
• The process may take longer and require more documentation.
• Funds are released only after completing legal formalities.

Joint Account Handling

• In a jointly held RD account, the surviving holder becomes the sole owner.
• The account can continue till maturity or be closed prematurely.
• Closure requires submission of the death certificate of the deceased holder.
• If operated as “Either or Survivor,” funds are easily accessible to the survivor.
• For “Jointly” operated accounts, both signatures are originally required.

Premature Closure by Heirs

• The RD can be closed before maturity by the nominee or legal heir.
• Interest is paid based on the completed tenure, with applicable adjustments.
• Penalties may or may not apply depending on the institution’s policy.
• The remaining balance is transferred to the claimant’s account.
• A new FD or savings account can also be opened in the heir’s name with the amount.

Documentation and Process Timeline

• Required documents include death certificate, claim form, ID proof, and address proof.
• Verification by the bank or post office may take a few working days.
• Claims with valid nomination are usually settled within 7–10 days.
• Claimants should update their bank contact details for communication.
• Institutions guide claimants through the formal process to avoid delays.