How long can a demat and savings account remain in a deceased person's name, with or without a will?

What happens to a deceased person's bank and demat accounts, and how long can they remain in their name? Today's Ask Wallet Wise query explains the rules differ when the person leaves a valid will and when they die intestate, with legal heirs or executors required to follow a specific process to claim the assets. The Ask Wallet Wise initiative offers expert advice on personal finance and money-related queries. You can email your queries to askwalletwise@nw18.com, and we will try to get a top financial expert to address them How long can a demat and savings account be kept in the name of a deceased person, with a will or without a will?

There is no legal provision mandating the time period upto which a saving bank account and a demat account can be retained in the name of a deceased person whether a person has made a will or has passed away without leaving a valid will. There is a difference between retaining a bank/demat account in the name of a deceased person and operating it. Though the savings bank account can be retained after the death of a person, his cheque book, login and ATM card cannot and should not be used, legally speaking. Likewise, the operation of the demat account should cease immediately on the death of the person.