Many depositors believe that money in a deposit is a "personal" account that no one except the owner can access under any circumstances. In practice, it's different: savings in a bank account are the same property as an apartment or car. This means you can dispose of them in advance and transfer them to specific people.

Short answer to the main question

Yes, funds in a bank deposit can be bequeathed to relatives — or any other people of your choice. The only mandatory condition is that the will must be certified by a notary. A note left at home in a safe, an oral request, or a messenger message have no legal force, and the bank will not pay out money based on them.

Why a deposit is included in the inheritance

When you open a deposit, you don't "give" money to the bank — you transfer it for safekeeping with the condition of income payment. Ownership remains with you. Therefore, after the depositor's death, the balance in the account along with accrued interest becomes part of the inheritance and is distributed according to civil law.

This applies to all products of this type: fixed-term, savings, and accumulation programs. The conditions of a particular product don't affect the fact of inheritance — deposits in Uzbek banks differ in rates, terms, and the ability to replenish, but the rules for transferring money to heirs are the same for all.

How to execute a will for a deposit: procedure

  1. Collect documents: passport or ID card, as well as account information — bank name, contract number, type of deposit.
  2. Contact a notary at your place of residence. Advance registration is usually not required, but it's better to check the schedule.
  3. Determine who will receive the funds and in what shares. You can specify one heir or several — for example, "equally between two children."
  4. Sign the document in the presence of a notary and pay the notary fee. One copy remains with you.
  5. Tell your loved ones where the will is kept. Heirs should know of its existence — otherwise the document simply won't reach the notary.

You don't need to separately notify the bank of the executed will. The credit organization will learn about it later — when heirs come for the money with a certificate of right to inheritance.

What can be written in a will

The law gives the testator broad freedom. In the document, you can:

  • specify any persons — not only relatives, but also friends and organizations;
  • distribute funds in specific shares or percentages;
  • cover all property in one will, including accounts in different banks;
  • appoint a "backup" heir in case the main heir refuses the inheritance or doesn't live to receive it.

A will can be changed or revoked at any time and an unlimited number of times. The last certified version of the document will have legal force. You don't need to ask permission from the heirs named in the previous version — they don't have to know its contents at all.

Mandatory share: who cannot be disinherited

There isn't complete freedom of disposal. The law protects socially vulnerable family members: minor and disabled children, a disabled spouse, disabled parents, and dependents of the testator. Such persons receive a mandatory share regardless of what is written in the will.

In other words, even if you bequeathed the entire deposit to one person, part of the amount will still go to heirs with the right to a mandatory share. It's better to clarify the exact size of this share and how it's calculated with a notary when executing the document — he will also advise how to account for these requirements so the will isn't contested later.

What happens if there's no will

Then the deposit is distributed by law — in order of succession. First and foremost, the children, spouse, and parents of the deceased claim the money. If there are no first-order heirs or they refused the inheritance, the right passes to the next order.

This scenario doesn't always match the depositor's wishes. For example, a person wanted the savings to go to a grandson, but by law the money will be divided equally between the children. This is why a will is the only way to guarantee that savings go to a specific person.

How heirs withdraw money from the bank

After the depositor's death, account operations are suspended: funds cannot be withdrawn by power of attorney or through a mobile app, even if relatives have access to the phone. The procedure for obtaining funds looks like this:

  1. Heirs contact a notary with a statement accepting the inheritance. This must be done within six months from the date of the testator's death — a missed deadline can only be recovered through court.
  2. The notary opens an inheritance case, checks documents and, if necessary, sends a request to the bank.
  3. After six months, a certificate of right to inheritance is issued.
  4. With this certificate and an identity document, the heir comes to the bank and submits a request for payment.

If there are multiple heirs, each receives their share according to the proportion specified in the certificate.

Are interest accrued after the depositor's death

It depends on the contract terms. As a rule, income continues to accrue until the end of the deposit period, and then the deposit is transferred to "on-demand" mode with a minimum rate. Therefore, heirs should not delay: deposit interest rates usually drop significantly after automatic closure of a fixed-term product.

Several practical tips for depositors

  • Keep a simple list of your accounts and store it in a place accessible to your family. If relatives don't know about a deposit, they may forget about it — banks don't search for heirs themselves.
  • Check the relevance of your will after significant family events: births, marriage, divorce.
  • Compare terms before opening a new account — Uzbek banks offer different rates, terms, and early termination rules.
  • Remember that deposits of individuals in national and foreign currency are protected by the deposit guarantee system, and this rule also applies to funds that pass to heirs.

Summary

You can bequeath money from a bank deposit to relatives, and the procedure is straightforward: just one visit to a notary. This step takes little time but saves your family from disputes and unnecessary litigation during a difficult period. And if there's no will, the inheritance will still pass to loved ones — just according to the rules established by law, not by you.