How to withdraw money from a savings account in Vietnam when the depositor has died?

How to withdraw money from a savings account in Vietnam when the depositor has died?

Pursuant to Article 18 of the Circular 48/2018/TT-NHNN stipulating procedures for paying out saving deposits at transaction offices of credit institutions as follows:

1. The credit institution requests the depositor to follow the following procedures:

a) Present the passbook;

b) Present the identity proof of the depositor; or of all depositors (applied to joint savings deposit). If the savings deposit is going to paid out by the legal representative, such legal representative must present his/her representative status proof and identity proof and identity proof of depositor;

c) Submit a savings deposit withdrawal form bearing the signature as the same as the sample signature held at the credit institution. If the depositor is unable to write, read or see: he/she will follow the guidelines of the credit institution.

2. The credit institution shall compare information of the depositor, the depositor’s legal representative in a case where the savings deposit is paid out through the legal representative, information in the passbook, signature in the withdrawal form to with the information held at the credit institution.

3. After the credit institution and the depositor complete the procedures prescribed in Clause 1 and Clause 2 of this Article, the credit institution shall pay out the depositor the principal and interest of the savings deposit in full.

4. The credit institution shall provide guidelines for the following payout procedures in accordance with this Circular and relevant law provisions, ensuring that the savings deposit payout is made accurately and safely as to the depositor and the operation of the credit institution:

a) Savings deposit payout under inheritance;

b) Savings deposit payout under authorization of the depositor.

As regulations above, in your case, since your grandmother left a will before she passed away, the savings will be distributed according to the will. To get the savings, you need to go to the bank where your grandmother deposited the savings and complete the procedures for paying savings deposits according to inheritance.

How to withdraw money from a savings account in Vietnam when the depositor has died? - Source: Internet

Can a savings book be used as collateral when borrowing?

Pursuant to Article 13 of the Circular 48/2018/TT-NHNN stipulating pledging saving deposits as collateral as follows:

Saving deposits are pledged as collateral as prescribed in guidelines of the credit institutions in accordance with law on secured transactions.

Based on the current regulations, you can use a savings book as collateral for loans. However, using a savings book as collateral when borrowing must meet the conditions set by the lending institution.

What are regulations on the payment of savings deposits by electronic means in Vietnam?

Pursuant to Article 19 of the Circular 48/2018/TT-NHNN stipulating taking and payout of online savings deposits as follows:

1. The credit institution shall provide guidance on procedures for taking and payout of online savings deposits through checking accounts of depositors held at the credit institution in accordance with this Circular, regulations of law on electronic transactions, anti-money laundering and relevant law provisions, ensuring that the savings deposit taking or payout is made accurately and safely as to the depositor and the operation of the credit institution.

2. The credit institution must maintain all information associated with the taking and payout of online savings deposits to meet the requirements of the depositors concerning trace requests, verification and dispute settlement.

Above are regulations on the payment of savings deposits by electronic means in Vietnam.

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