In 2021, the former China Banking and Insurance Regulatory Commission and other departments issued the Notice on Simplifying the Procedures for Receiving Small Deposits from the Deceased, which abolished the notarization requirements for direct heirs, heirs with clear wills or recipients of the estate when withdrawing deposits of no more than 10,000 yuan from the deceased.
Under this premise, the People's Bank of China and the State Administration of Financial Supervision and Administration jointly promulgated the Notice on Optimizing the Relevant Requirements for the Withdrawal of Small Deposits of Deceased Depositors (the "Notice"). The notice stipulates that the simplified withdrawal limit for small deposits in the estate will be uniformly increased to 50,000 yuan, and this policy will be implemented from June 1, 2024.
In view of the differences in regions and institutions, small and medium-sized banks in rural areas need to complete the implementation of this provision by December 31, 2025.
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Deposit inheritance ushered in important new rules
Withdrawing small deposits from deceased relatives can be a complicated and tedious process for many people. In this process, the family needs to prepare various supporting materials, including death certificates, kinship certificates, and so on.
However, this new rule brings convenience to us, as it allows the heir to withdraw all the deposits of the deceased and the interest earned at one time in a financial institution of the same corporate bank without notarization, as long as the sum of these deposits does not exceed 50,000 yuan.
It should be noted that simplification here does not mean a lax review of applications. According to the regulations, if the relevant materials submitted by the applicant are incomplete or do not meet the requirements, the banking financial institutions shall inform the applicant of the relevant requirements at one time. This improves the efficiency of the process and avoids the waste of time caused by repeated submission of documents.
This new rule is sure to ease the worries of many people, whether it is the depositors who are alive or their heirs. Let's take a closer look at a few of the other key changes.
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3 major changes in the New Deal
1. The scope of extraction is expanded
The notice expands the scope of simplified withdrawal, including gold accumulation products, treasury bonds, and consignment wealth management products, which are combined with bank deposits and included in the withdrawal limit of 50,000 yuan.
When the heir wants to carry out the procedures for receiving the deceased's small deposit, he must provide a death certificate, a valid identification document, a letter of commitment, and relevant documents confirming the identity of the relative.
Banks need to tighten their requirements for financial services and clearly indicate to applicants what is required when the submissions are incomplete or substandard.
2. The relevant requirements for querying account details are clear
According to the Personal Information Protection Law, once a person has passed away, his or her immediate family members have the right to access, copy, modify or delete the personal information of the deceased in accordance with the provisions of this Law in order to safeguard their legitimate rights and interests.
The head of the relevant department of the Financial Supervisory Authority pointed out that in practice, there are cases where the recipient of the estate needs to check the transaction history of the deceased for specific reasons.
After extensive consultation, the Circular stipulates that banks shall, at the request of the first heir of the estate, provide the deceased with account transaction records from six months before the death of the deceased to after his death.
3. Funeral expenses and pensions can be withdrawn in full
In reality, there are cases where funeral expenses and pensions are received in the account of the deceased depositor. In the past, there were no clear regulations on the withdrawal of these two fees.
In view of the fact that funeral expenses and pensions are essentially different from the deposits of the deceased, for the convenience of the public, it is hereby notified that funeral expenses and pensions will not be included in the deposit limit of 50,000 yuan, and can be withdrawn in full through simplified procedures.
The head of the relevant department of the General Financial Administration pointed out that the applicant was able to prove that the funds in the account were funeral expenses and pensions in the appropriate way.
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.
Finally, readers are reminded that although this policy optimization will be implemented from June 1, 2024, rural small and medium-sized banks can postpone the implementation of this requirement until December 31, 2025.
Write at the end
The planning and management of personal savings should also be done well in advance to bring more peace of mind and protection to yourself and your family. We look forward to our social policies to better serve every citizen and add more convenience and happiness to public life!