Please state the procedure to close a trading account and demat account, of a deceased person.
Is there any specified time period by which it has to be done.
Secondly, is it legally safe to deposit cheque etc and to withdraw money (online or by previously signed cheque), I mean, to operate bank account of a deceased person
Thanks
Is there any specified time period by which it has to be done.
Secondly, is it legally safe to deposit cheque etc and to withdraw money (online or by previously signed cheque), I mean, to operate bank account of a deceased person
Thanks
It is illegal to operate a dead person's account after his death.Many operate it for 3-6 months and close later on.Withdrawing money on the previously signed cheque is also illegal.If someone challenges such withdrawl the person who withdrew could be in trouble.
Similarly selling shares in internet based trading account of a person ,after his death, using his log in ID and password is also illegal.It amounts to forgery.