Settlement of Claims in Deceased Accounts

 

 

SETTLEMENT OF CLAIMS OF DECEASED DEPOSITORS ACCOUNTS WHERE THERE IS NO NOMINATION OR SURVIVORSHIP CLAUSE
 
With a view to minimize the hardships of the common person, the Bank has decided to revise the instructions/guidelines on settlement of claims in respect of deceased depositors accounts ( Where there is no Nomination or Survivorship Clause) without insisting on legal representation:
  1. Balances up to  and inclusive of Rs.1000/- (No surety required)
    a) Claim format signed by all claimants (other than those who have furnished stamped Letter of Disclaimer) and one independent witness.
    b) Unstamped simple Letter of Indemnity from claimants
  2. Balances above Rs.1000/- and up to and inclusive of  Rs.5lakhs (No surety required)
    a) Claim format signed by claimants with declaration signed by one independent person well known to the family of the deceased but unconnected with it and acceptable to the Bank.
    b) Stamped Letter of Indemnity from claimant(s)
  3. Balance above Rs.5 lakhs
    a) Claim form signed by  claimants.
    b) Stamped Letter of Indemnity from claimants plus one surety good for the amount or two sureties jointly good for the amount.
    c) Affidavit (Stamped) from one independent person well known to the family of the deceased but unconnected with it and acceptable to the Bank. (any legal heir who has signed the letter of disclaimer in favour of other legal heirs(s) may stand as surety if he/she is independently good for the amount of claim).