The bank could be authorized by the survivor(s) / nominee to return the pipeline flows to the remitter with the remark "Account holder deceased" and to intimate the survivor(s) / nominee accordingly. The survivor(s) / nominee / legal heir(s) could then approach the remitter to effect payment through a negotiable instrument or through ECS transfer in the name of the appropriate beneficiary.
4. Access to the safe deposit lockers / safe custody articles
For dealing with the requests from the nominee(s) of the deceased locker-hirer / depositors of the safe-custody articles (where such a nomination had been made) or by the survivor(s) of the deceased (where the locker / safe custody article was accessible under the survivorship clause), for access to the contents of the locker / safe custody article on the death of a locker hirer / depositor of the article, the banks will adopt generally the foregoing approach, mutatis mutandis, as indicated for the deposit accounts.
5. Time limit for settlement of claims
Banks will settle the claims in respect of deceased depositors and release payments to survivor(s) / nominee(s) within a period not exceeding 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claim(s), to the bank's satisfaction.
6.Check List of formalities to be completed for Deceased Claims:
Payment of balance in the account of the deceased accountholder:
Payment of balances at the credit of deposit account/s of deceased person/s in case of single account or in case of death of all joint accountholders in case of joint accounts, may be made to their legal heirs/nominee on the basis of –
II. Without Nomination
(A) .Against Indemnity letter / Bond
(B) Legal representation
(i) Where a depositor dies or, in case of a joint account, all depositors die, the nominee or the person appointed by the depositor(s) to receive the payment on behalf of the minor nominee, should make an application for repayment of the deposit amount in the Bank's Form No.352, duly filled in, along with a copy of the death certificate, duly certified by,
(a) a Magistrate or Judicial Official OR
(b) an Officer of the Central or State Government OR
(c) an Officer of a bank OR
(d) two persons acceptable to the bank.
(e) Proof of identification of nominee (s) such as Election 10/ Pan card, Passport
(f) Stamped receipt for amount received signed by nominee / person on behalf of
II. Without Nomination I Without Survivor clause
A. Against Indemnity
1. Death Certificate ((Duly certified as mentioned in 1 (i)
2. Claim application in the prescribed form no.33 and surety letter, consent letter of all other claimants (available with the branch)
3. Credit reports on claimants, sureties (two) in the prescribed form no.135.
Worth of surety lies should cover the claim amount.
4. Letter of Indemnity in the prescribed format duly executed on stamp paper (stamp duty as applicable from time to time) by all the claimants and sureties.
5. Proof of authority of legal heirs.
6. Stamped receipt signed by claimant /s for amount received.
In case claim amount is upto Rs. 500/- :
Letter of indemnity will be unstamped and sureties are not required.
B. Against Legal Representation (Case specific)
1. Death Certificate (Duly certified as mentioned in 1 (i))
2. Claim application in the prescribed form no.33
3. Legal representation i.e. succession certificate or letter of administration or probate of Will granted by competent court.
4. Stamped receipt for amount received.
Copy of all documents should be submitted with original for verification by branch official and all documents should be signed in presence of branch official.
Safe Custody Articles / Safe Deposit Lockers
In case of articles kept in safe custody / safe deposit lockers, nominee after having established his claim to receive the articles, the nominee/person appointed on behalf of minor has to fill following forms in addition to document required mentioned below.
1) A form of inventory of articles left in safe custody with the bank
2) A form of inventory of contents of safe deposit locker hired from the bank
In case of safe custody articles held in joint names, the delivery of safe custody articles will be given to the survivor, in case the authority to deliver to the survivor was submitted at the time of depositing the articles under safe custody.
As regards lockers hired jointly, on the death of anyone of the joint hirers, the contents of the locker are only allowed to be removed Jointly by the nominee and the survivor(s), after an inventory is taken in the prescribed manner. In such a case after such removal preceded by an inventory, the nominee and surviving hirer(s) may still keep the entire contents with the same bank, if they so desire, by entering into a fresh contract of hiring a locker.
1. .Death certificate (Duly certified as mentioned in point no. 1 (i)
2. .Application in prescribed format (Form No. 352)
3. Proof of identification such as Election card, Pancard , Passport etc
4. In case of safe custody articles, form No 350 is required to be filled in.
5. .Starnped receipt for delivery of securities pledged to the bank.
Access to the locker may be permitted to the legal heirs on production of satisfactory evidence to inspect the contents of the locker which may be delivered against the following documents.
1. Death Certificate ((Duly certified as mentioned in 1 (i)
2. Claim application in the prescribed form no.33, consent letter of all other claimants (available with the branch)
3. Succession Certificate / Probate of Will / Letter of Administration.
4. A form of inventory of articles left in safe custody with the bank form no.350
5. A form of inventory of contents of safe deposit locker hired from the bank.
6. Stamped receipt / discharged safe custody receipt or receipt for delivery of securities pledged to the bank. (in case so applicable)
In exceptional cases, where the contents of the locker / safe custody articles are not of great value / importance, the heirs of deceased rental may be allowed to access to the locker and withdraw the contents against usual indemnity in addition to above documents except Succession Certificate/ Probate of Will / Letter of Administration (Request letter to be submitted by legal heirs as per Appendix-I)
The above requirements are as per the existing guidelines of the bank and are subject to change from time to time.
Click here to download formats to be filled in by claimants