2.6 Death Claim for Certificate of Deposits
This topic describes the processing of death claim in CDs.
On expiry of a customer, the account proceeds/claims can be transferred to the descendants or beneficiaries of customers as per process.
When a customer expires, and the party application notifies that the customer status is updated to 'Deceased' all the associated deposits of the customer (both single and jointly held deposits) will be updated to status Blocked. Once the branch user receives the requisite documents (beneficiary details or Probate court order) the user will operationally ensure to unblock the deposit - transfer the proceeds to the beneficiary and then proceed to close the account.
Note:
The unblocking of account and transfer of proceeds if any to the beneficiary based on the probate court order/beneficiary details in account and subsequently closing the account of the deceased is an operational process.Parent topic: Operations