(FAQ) DECEASED ACCOUNTS
Q : - What is the procedure for claim settlement in case of deceased accounts, if nomination has been registered?
Ans: - When Nomination is registered with the bank, the nominee can apply to the Bank, giving full details of the accounts of the deceased depositor. On receipt of the claim from the nominee, the branch will verify the photocopy with the original Death Certificate, Nomination number as registered in CBS, Nomination register.
Signatures of two witnesses of good standing and integrity who are acceptable to the Bank should also be provided on the application. The witness can be any of the following:
Q : - What if nomination is registered in favor of a minor?
Ans: - If the nominee is minor, the person appointed by the deceased account holder to act on behalf of the minor until he/she attains majority has to submit an application to the Bank, giving full details of the accounts of the deceased depositor.
Q : - What is the procedure for claim settlement in case of deceased accounts, if the deceased customer's Accounts is having Survivorship Clause? (Either or Survivor, Former or Survivor, Later or Survivor and Any one or Survivor etc.)
Ans: - In case of deposits in Joint Names with Survivorship Clause (E or S, F or S, L or S and Any one or Survivor etc.)
Q : - What if the joint deposit is without survivorship clause?
Ans: - When a joint account holder dies, in the absence of a clause like E or S, F or S, L or S, the balance can be paid jointly to the survivors and the legal heirs of the deceased.
Example: If an account in the joint name of A and B, and if A dies, the balance will not be paid to B alone. It has to be paid to B and to the legal heirs of A jointly. The settlement can be made to the legal heirs of A either through legal representation or without legal representation as the case may be.
Q : - What if the deceased customer's Accounts is having neither Survivorship Clause nor Nomination?
Ans: - In a deceased account where there is neither Survivorship clause nor Nomination, our Bank delivers the assets only to the legal heirs.
As disposal with legal representation is time consuming, to improve customer service, our Bank has devised a system of settling the accounts without production of legal representation on the basis of Indemnity – cum – Affidavit. This is applicable only when:
Q : - What is a Legal representation?
Ans: - A legal representation is one that is granted by a Court of Law entitling the legal heirs of the deceased to collect the debts/securities or assets of the deceased. Bank may opt for settling the matter through legal representation. The following documents represent different forms of legal representation:
Q : - What are the documents required for disposal of deceased accounts without legal representation?
Ans: - Depending on the amount of claim, the following documents need to be submitted.
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