5.2.4 Recognition of Death of Parties

This section is applicable to the FDIC Customer type 'Individual' only. FDIC provides a six months grace period for recognizing an individual customer’s death for deposit insurance coverage. i.e an individual is recognized as dead only after 6 months from the date of his/her death for deposit insurance purposes. This grace period applies to customers only and does not apply to account participants such as beneficiaries.