Should all account to be closed after demise of a person
Tipsy
(Querist) 20 November 2013
This query is : Resolved
Many of Demat Accounts do not have any shares and many Physical shares are lying with us in his name which has Not much values also though we have paid for it.
Now I need your views for following :-
After the death of a person
(1) Should we close all Demat Accounts with the 1st. Holder Name (?)
(2) Should we Delete the name of where he was joint Holder in all Demat Accounts (?)
(3) Should we close all Bank's Savings Accounts with the 1st. Holder (?)
(4) Should we close all Bank's Accounts of all Banks where he was partner
(5) Surrender of PAN Card and close all PAN related accounts where he is connected
either Directly and/or indirectly.
(6) Should we surrender Passport, Driving Licence
ajay sethi
(Expert) 20 November 2013
you have to inform the depository of death of 1st holder /joint holder .enclose copy of death certificate . close the demat account .
similarly in saving accounts inform the bank of death of account holder . if it is joint account then name of 1st holder would be deleted .
Rajendra K Goyal
(Expert) 20 November 2013
(1) Should we close all Demat Accounts with the 1st. Holder Name (?)
- Yes close the demat accounts in his name.
(2) Should we Delete the name of where he was joint Holder in all Demat Accounts (?)
-Yes.
(3) Should we close all Bank's Savings Accounts with the 1st. Holder (?)
- Yes
(4) Should we close all Bank's Accounts of all Banks where he was partner
-A partnership comes to an end on demise of one partner, inform the bank accordingly.
(5) Surrender of PAN Card and close all PAN related accounts where he is connected
either Directly and/or indirectly.
- No need to surrender. What are the PAN related accounts.
(6) Should we surrender Passport, Driving License
- These are invalid on demise of the holder.
