Mrunmai Deshpande (Housewife) 06 March 2018

c holder

My wife has passed away recently. She holds shares in number of companies. To transfer the shares on my name, according to her will, will take some months. She will be receiving dividends from some companies which will directly go to her saving bank account. So when can I request the bank to close her account? Is it mandatory to close her account within certain time?

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3 Replies

R.Ramachandran (Advocate) 06 March 2018

You can take your own time to get the WILL probated. In the meantime, let the bank account continue - at least it will help in getting the dividend amounts credited till such time the shares are transferred in your name.
After getting the WILL probated, and after getting the shares transferred in your name, you can think of closing the bank account of your wife.

Kumar Doab (FIN) 06 March 2018

You can benefit from above advise..

Kumar Doab (FIN) 06 March 2018

Is there any demand to probate the WILL?

You may also go thru and become familiar;

RBI: Master Circular on Customer Service in Banks

20.4 Treatment of flows in the name of the deceased depositor

https://www.rbi.org.in/scriptts/bs_viewmascirculardetails.aspx?id=9008#20

and guidelines by SEBI on payment of dividend in case of deceased customer..

14. I have not received the dividend declared by company, please advice? All registered shareholders on the record date of declaration of the dividend are automatically eligible for dividend. However if the listed company does not pay dividend within 30 days after declaration, you are entitled to receive 18% p.a. simple interest for such delay. If company defaulted in any of above, you can lodge complaint with SEBI.

18. What is transmission? How I can get my shares transmitted?

https://www.sebi.gov.in/sebi_data/faqfiles/jan-2017/1485857440106.pdf

https://www.sebi.gov.in/sebi_data/faqfiles/jan-2017/1485859328096.pdf