When a relative dies, how to withdraw the small deposit in his name? The heir still needs to submit a notarial certificate to withdraw the deposit of the deceased depositor within 50,000 yuan? From 1 June this year, the withdrawal of the deceased depositor's small deposit ushered in the 2.0 simplified version of the new regulations! On 26 April, the State Administration of Financial Supervision and the People's Bank of China issued the "Notice on Optimizing the Relevant Requirements for the Withdrawal of Small Deposits of Deceased Depositors" (hereinafter referred to as the "Circular") to further optimize the relevant regulations on the withdrawal of small deposits of deceased depositors and facilitate the masses to handle deposit inheritance.
List of key points of the Notice:
●Raise the account limit for simplified withdrawal from a minimum of 10,000 yuan to 50,000 yuan. Rural small and medium-sized banks can postpone meeting this requirement until the end of 2025. ●Include gold accumulation products, treasury bonds, and consignment wealth management products into the scope of simplified withdrawal. ●The bank may, upon request from the first-order heirs, provide details of account transactions after the death of the deceased depositor and within 6 months prior to the death. ●Funeral expenses and pensions are not included in the limit of 50,000 yuan.
The simplified withdrawal account limit has been uniformly increased to 50,000 yuan
Before 2021, in accordance with the "<储蓄管理条例>Several Provisions on Enforcement" and other relevant regulations, heirs who withdraw the deposits of deceased relatives must submit a notarial certificate of inheritance issued by a notary public, and the bank can use it to handle the transfer or payment procedures. This provision has played an important role in ensuring the safety of deposits and protecting the interests of heirs. However, in the case of a small amount of deposit, the relevant requirements for the issuance of notarial deeds will make the heirs bear unreasonable time costs and notarization fees, especially increasing the burden on remote areas and people in financial difficulties. In recent years, the financial management department, in conjunction with relevant departments, has issued a number of policy documents to cancel the notarization requirements for qualified deposit inquiries and small deposit withdrawals. In January 2021, the former China Banking and Insurance Regulatory Commission (CBIRC) and the People's Bank of China issued the Notice on Simplifying the Withdrawal of Small Deposits of Deceased Depositors (hereinafter referred to as "Circular No. 18"), which abolished the notarization requirement for first-order heirs, heirs or legatees designated by notarized wills to withdraw deposits of deceased depositors within 10,000 yuan, and allowed banks to increase the limit between 10,000 yuan and 50,000 yuan. The promulgation and implementation of Circular No. 18 has significantly improved the efficiency of withdrawing small deposits and reduced the burden on the masses. According to the person in charge of the relevant department of the State Administration of Financial Regulation, in 2021, the number of convenient businesses without notarization and withdrawal nationwide will reach nearly 690,000. However, there are still some problems that need to be improved and clarified in the business of deposit inheritance and small deposit withdrawal. To this end, the Notice has optimized some of the contents of Circular 18, including raising the account limit for simplified withdrawals from a minimum of 10,000 yuan to 50,000 yuan. This means that if the total account balance of the deceased depositor in the same legal person banking financial institution does not exceed 50,000 yuan, the first-order heir, the heir designated by the notarized will or the legatee can withdraw the deceased depositor's deposit in a lump sum without submitting a notarial certificate of inheritance.
The scope of simplified withdrawal has been expanded to include gold accumulation products, treasury bonds, and consignment wealth management
For the provision of raising the account limit for simplified withdrawals to 50,000 yuan, the Notice allows small and medium-sized rural banks to postpone the meeting of this requirement until the end of 2025, taking into account regional and institutional differences. "According to our survey data, more than half of the banking institutions have taken the initiative to implement a simplified withdrawal account limit of 50,000 yuan, and the proportion of non-notarized withdrawal in the deposit withdrawal business of deceased depositors has reached 86.6%. However, some rural financial institutions still enforce account limits ranging from 10,000 yuan to 50,000 yuan. The person in charge said that affected by various factors such as the level of economic development, credit environment, and risk control level, the simplified withdrawal account limits implemented between provinces and institutions are different, and for the sake of better protecting the safety of deposits, the "Notice" has set aside a transition period for the implementation of small and medium-sized rural banks. It's not just bank deposits that can be simplified to withdraw. Circular 18 clarifies that the scope of simplified withdrawal includes wealth management products issued by banks themselves, while the Circular further expands the scope of simplified withdrawal to include gold accumulation products, treasury bonds, and consignment wealth management products. However, the above three types of financial products still need to be combined with bank deposits to be included in the withdrawal limit of 50,000 yuan.
Clear requirements for checking the transaction details of the deceased depositor's bank account
What should the heirs do if they want to inquire about the bank account transaction details of the deceased depositor? The "Circular" makes it clear that the bank may, at the request of the first-order heir, provide the account transaction details of the deceased depositor after the death and within the six months before the death. The transaction details of the deceased depositor's bank account record some of the personal information during his lifetime, which may involve personal privacy, and commercial banks have the obligation to "keep the depositor confidential" and should be treated with caution. "Although the heir can generally inherit the contractual rights and obligations between the deceased depositor and the bank, based on the personal nature of the account transaction information, the heir does not automatically obtain the right to know the account transaction information. Where the account transaction information is improperly used and the privacy of the deceased depositor is infringed, the perpetrator shall bear civil liability. The person in charge said. In addition, the Personal Information Protection Law, which came into effect in November 2021, stipulates that close relatives may exercise the right to access the relevant personal information of the deceased for their own legitimate and legitimate interests, unless otherwise arranged by the deceased before his death. In reality, there is also a reasonable need for the heirs to inquire about the transaction details of the deceased depositor under certain circumstances. Based on this, the Notice clearly stipulates the applicant and the time limit for inquiring about the transaction details of the deceased depositor's account, which is precisely to take into account the protection of personal information and the legitimate and legitimate inquiry needs of the heirs. The person in charge further said that the State Administration of Financial Supervision and the People's Bank of China encourage banks to agree in advance with depositors on matters such as deposit inheritance and transaction details inquiry after their death through contractual agreements and other means.
Funeral expenses and pensions are not included in the limit of 50,000 yuan
In reality, there are cases where funeral expenses and pensions are remitted from the accounts of deceased depositors. Considering that funeral expenses and pensions are different in nature from those deposited by the deceased depositors during their lifetime, in order to facilitate the public, the "Notice" clarifies that funeral expenses and pensions are not included in the account limit of 50,000 yuan, and can be withdrawn in full and simplified. According to the above-mentioned person in charge, the applicant can indicate in an appropriate way that the funds in the account belong to funeral expenses and pensions. The bank confirms the nature of the funds by verifying the transaction information and the source of funds, and the applicant signs a letter of commitment, etc., and handles simplified withdrawals on the premise of ensuring the safety of the funds.
Source: Financial Times client
Reporter: Xu Beibei
Editor: Yunyang
Email: [email protected]
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