Bank account and cheques after demise

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2018 Dear Sir/Madam,
Can a bank account in joint name remain open after the demise of (only) one of the account holders?
If yes, can it remain open for unlimited period or for a certain period?
If only for a certain period, what is that period?
Can new cheques in the name of the deceased be depositied in that account and money withdrawn later by the second account holder?
If yes, for how much period can such cheques be depositied? For example, if an old payment for the deceased is received by cheque few years after the demise.

Thanks in advance to those who can give clarity on this.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 April 2018 Yes it can open for unlimited period as one of the joint holder is alive.
No new cheques in the name of the deceased can be deposited in the account. Obtain fresh cheque on the name of legal heir.

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2018 Thanks.

On which name should new cheque(s) be obtained if there are more than one legal heir?
Is NOC needed from other heirs to get the cheque on the name of one heir?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 May 2018 Yes NOC needed....,..........

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