Advantage of joint accounts
Every bank provides the facility of joint accounts to its customers. The number of account holders in a joint account can be 2 or more than 2. The best thing about joint accounts is that any one or both the account holders can operate the account and do any kind of transaction. The other important benefit is; unfortunately, if any of the account holder is deceased, the account continues to exist in the name of the surviving account holder(s). In such cases however, the account is to be updated by removing the name of the deceased account holder. For the updation to be done, the surviving account holder(s) need to submit an application to the bank, stating the death of the account holder and asking it to do the needful. A copy of the death certificate of the deceased account holder is to be attached along with the application. In case the deceased account holder was the first account holder, then the tax liability of the account(s) will now shift to the surviving 2nd account holder.
The following sample letter helps you in writing an application to the bank requesting them to do the needful on the unfortunate event of the death of an account holder. The names, addresses and account number details mentioned in the sample letter are all fictitious. The readers are advised to make the appropriate changes applicable to them while writing the application to the bank.
Qtr no. 456
Rajendra Nagar, Park, Hyderabad 5020**
08 December 2016
The Branch Manager
State Bank of Hyderabad
Rajendra Nagar, Hyderabad
Sub: Application for deletion of name of deceased account holder
I am holding a savings and a fixed deposit account in your bank. The accounts were held jointly by me and my husband. Unfortunately he has passed away on 30th of November 2016. My husband was the first holder in both the accounts. Now that my husband is no more living, I thus request you to do the needful and delete the name of my late husband from both the accounts. In this respect, I am submitting a copy of the death certificate of my late husband.
The account number details of both the savings and fixed deposit account are as follows:
Names of account holders:
Enclosure: A copy of the death certificate of my late husband, Shri Anil Mahajan
A note to the readers In such cases when one of the account holder is suddenly deceased, many would like to replace the deceased account holder with another member of the family. But most banks don't accede to such requests. They would rather advice the surviving account holders to apply afresh for a new account, where a new name could be added to replace the deceased account holder and the benefits of joint accounts could be availed. The old account could be either merged with the new account or could be entirely closed. Anyway, it is always advisable to have a joint account rather than holding it on a single person's name. That way it is a lot easier to handle.
Dhruv is an electrical engineer by profession. Apart from liking his job, he has a special love for writing and has often dabbled in writing scripts for skits and short plays. As a Content Developer at ISC, Dhruv is having a whale of a time, showcasing his writing skills.
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