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Upto Threshold limit i.e. Rs.2 lacs (two lacs) Outstanding Balance aggregating all accounts, value of contents in locker/articles kept in safe custody does not exceed Rs.2 lacs
Single Account with or without nomination
Savings Account/Current Account
With Nomination :
The balance outstanding will be paid to the nominee on verification of his/her identity (such as Election ID Card, PAN Card, Passport, Aadhaar Letter, etc.) and proof of death of depositor
Without Nomination :
The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all of the legal heirs) on verification of (1) proof of death of depositor i.e. copy of death certificate of depositor, (2) Photograph & KYC of (a) all claimant(s)/legal heirs, (b) Person furnishing declaration, (3) Letter of Disclaimer(Duly stamped & Notarised)Annexure-A, 4) Letter of Indemnity (Duly stamped) Annexure-C (5) Declaration as per point no.5 in application form. (Form No.33 Revised)
Term Deposit Account
With Nomination:
The balance outstanding will be paid to the nominee on verification of his/her identity (such as Election ID Card, PAN Card, Passport, Aadhaar Letter etc.) and proof of death of depositor on maturity of deposit.
Without Nomination:
The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all of the legal heirs) on verification of (1) proof of death of depositor i.e. copy of death certificate of depositor, (2) Photograph & KYC of (a) all claimant(s)/legal heirs, (b) Person furnishing declaration, (3) Letter of Disclaimer(Duly stamped & Notarised)Annexure-A, 4) Letter of Indemnity (Duly stamped) Annexure-C (5) Declaration as per point no.5 in application form ( Form No.33 Revised)
Premature termination of Term Deposit Account
Premature termination of term deposit account as per terms of contract will be permitted at the request of the nominee on verification of his/her identity (such as Election ID Card, PAN Card, Passport, Aadhaar Letter etc.) and proof of death of depositor.
Premature termination will be permitted on joint request by all legal heirs (or any of them as mandated by all the legal heirs) as per the terms of the contract The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all of the legal heirs) on verification of (1) proof of death of depositor i.e. copy of death certificate of depositor, (2) Photograph & KYC of (a) all claimant(s)/legal heirs, (b) Person furnishing declaration, (3) Letter of Disclaimer(Duly stamped & Notarised)Annexure-A, 4) Letter of Indemnity (Duly stamped) Annexure-C (5) Declaration as per point no.5 in application form (Form No.33 ( revised)
Safe Deposit Lockers
The nominee will be allowed to access the locker and remove the contents on identification (such as Election ID Card, PAN Card, Passport, Aadhaar Letter etc.) and verification of proof of death of locker hirer. Before permitting the nominee to remove contents of the Safe Deposit Locker, the bank would prepare an inventory of the articles in the presence of nominee(s) and two independent witnesses. Form for taking inventory is enclosed as Annexure – 3.
Legal heir(s) of the deceased locker hirer or a person mandated by the legal heir(s) will be allowed to access the locker and remove the contents on verification of 1) proof of death of depositor i.e. copy of death certificate of depositor, (2) Photograph & KYC of (a) all claimant(s)/legal heirs, (b) Person furnishing declaration, (3) Letter of Disclaimer(Duly stamped & Notarised)Annexure-A, 4) Letter of Indemnity (Duly stamped) Annexure-C (5) Declaration as per point no.5 in application form ( Form No.33 ( revised)
Before permitting legal heir(s) to remove contents of the Safe Deposit Locker the bank would prepare an inventory of the articles in the presence of legal heir(s)/mandate holder and two independent witnesses. Form for taking inventory is enclosed as Annexure – E
Safe Custody Article/s
Safe custody article/s will be delivered to the nominee on identification (such as Election ID Card, PAN Card, Passport, Aadhaar Letter etc.) and verification of proof of death of depositor. Before permitting nominee to remove contents of the Safe Deposit Articles, the bank would prepare an inventory of the articles in the presence of nominee and two independent witnesses. Form for taking inventory is enclosed as Annexure – 4.
Safe custody article/s will be delivered to the legal heir(s) or a person mandated by the legal heir(s) on verification of 1) proof of death of depositor i.e. copy of death certificate of depositor, (2) Photograph & KYC of (a) all claimant(s)/legal heirs, (b) Person furnishing declaration, (3) Letter of Disclaimer(Duly stamped & Notarised)Annexure-A, 4) Letter of Indemnity (Duly stamped) Annexure-C (5) Declaration as per point no.5 in application form ( Form No.33 ( revised)
Before permitting legal heir(s) to remove contents of a Safe Custody Articles the bank would prepare an inventory of the articles in the presence of legal heir(s) /mandate holder and two independent witnesses. Form for taking inventory is enclosed as Annexure – F.
Joint Account with or without nomination and without survivorship mandate (operated jointly)
1.2.3. Premature termination of Term Deposit Account
Without Nomination
Before permitting surviving hirer(s) and/or nominee(s) to remove contents of the Safe Deposit Locker, the bank would prepare an inventory of the articles in their presence along with two independent witnesses. Form for taking inventory is enclosed as Annexure – E.
Before permitting surviving hirers and mandated legal heir(s) to remove contents of a Safe Deposit Locker, the bank would prepare an inventory of the articles in the presence of surviving hirers, mandated legal heir(s) and two independent witnesses. Form for taking inventory is enclosed as Annexure – E
Generally, safe custody articles are not accepted in joint names. Even if accepted in joint names nomination facility is not provided.
Joint account with mandate “Either or Survivor”/ “Former or survivor”/ “Anyone or Survivors”/ “Latter or Survivor” - with or without nomination:
Savings Account / Current Account
The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all of the legal heirs) on verification of 1) proof of death of depositor i.e. copy of death certificate of depositor, (2) Photograph & KYC of (a) all claimant(s)/legal heirs, (b) Person furnishing declaration, (3) Letter of Disclaimer(Duly stamped & Notarised)Annexure-A, 4) Letter of Indemnity (Duly stamped) Annexure-C (5) Declaration as per point no.5 in application form ( Form no.33 Revised)1.3.4 Safe Deposit Lockers
At present B R Act (Section 45 ZE) does not provide nomination facility in respect of lockers with “Either or Survivor” / “Former or Survivor”/“Anyone or Survivors”/ “Latter or Survivor” mandate. Hence operational instructions are not given in this regard.
Before permitting the surviving hirers/legal heir(s) to remove contents of a Safe Deposit Locker, the bank would prepare an inventory of the articles in the presence of surviving hirers/legal heirs and two independent witnesses. Form for taking inventory is enclosed as Annexure – E.
Generally safe custody articles are not accepted in joint names. Even if accepted in joint names nomination facility is not provided.
HUF Accounts – Death of Karta
In the event of death of a Karta, HUF account may be settled as under:
Note: Certain general clarifications about Nomination rules are given in Annexure 1.
Claim specific actions / steps to be taken for settlement in respect of different accounts / facilities are illustrated in the tabulated form in the Annexure 1(a).
Part - 2 Simplification of process /Guidelines for settlement of claims in respect of deceased depositors’ accounts –Up to Threshold limit (Rs.2 lacs)
Documentation
Documents, which are required to be submitted along with the claim form as applicable.
Bank should exercise due care and caution in ascertaining the identity of legal heir(s) /nominee(s) and the fact of death of the account holder, through appropriate documentary evidence. If necessary, any official of the bank shall visit the place of the depositors to enquire about the genuineness of such claims.
It should be made clear to the survivor(s)/nominee(s) that he / they would be receiving the payment from the member bank as a trustee of the legal heirs of the deceased depositor, i.e., such payment to him / them shall not affect the right or claim which any person may have against the survivor(s)/nominee(s) to whom the payment is made.
It may be noted that since payment made to the survivor(s) / nominee(s), subject to the foregoing conditions, would constitute a full discharge of the bank's liability, insistence on production of legal representation is superfluous and unwarranted and it would only serve to cause avoidable inconvenience to the survivor(s)/nominee(s). In such case, therefore, while making payment to the survivor(s)/nominee(s) of the deceased depositor, the bank should not insist on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the survivor(s)/nominee(s), irrespective of the amount standing to the credit of the deceased account holder.
Time Norms for settlement of claims
Bank will settle the claims in respect of deceased depositors and release payments to survivor (s)/ nominee in case of accounts with survivor/ nominee within a period not exceeding 15days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claimant(s) to the bank’s satisfaction. In the case of accounts without survivor/ nominee clause the claim should be settled within 1 month from the date on which the requisite documents have been submitted.
Competent authority for settlement of claims
As specified in Discretionary Administrative Powers, Bank’s Publication No.154 )
Premature termination of Term Deposits Accounts and payment of interest / other issues relating to Term Deposit Account
In the case of term deposits, a clause in the account opening form itself to the effect that in the event of the death of the depositor(s), premature termination of term deposits by the survivor(s)/ nominee/ legal heirs would be allowed has been incorporated. The conditions subject to which such premature withdrawal would be permitted may also be specified in the account opening form. Such premature withdrawal would not attract any penal charge.
Payment of interest in case of term deposit accounts of deceased depositor(s)
In case of a term deposit standing in the name/s of –
i) on the maturity of the deposit: at the contracted rate
ii) In case of premature withdrawal by legal heir(s)/nominee/legal heir, i.e., in the event of the payment of deposit being claimed before the maturity date:
“In the event of payment of deposit being claimed before the maturity date, the branches should pay interest at the applicable rate or the Contracted Rate whichever is lower without charging penalty.”
iii) In case of deposit being claimed after the date of maturity:
In the event of death / missing of the depositor before the date of maturity of the deposit and amount of the deposit is claimed after the date of the maturity, the branches should pay interest at the contracted rate till the date of maturity . From the date of maturity to the date of payment, the branches should pay simple interest at the applicable rate operative on the date of maturity for the period for which the deposit remained with Bank beyond date of maturity.
Splitting of Term Deposit
If, on request from the claimant/s, the bank agrees to split the amount of term deposit and issues two or more receipts individually in the names of the claimant/s, it shall not be construed as premature withdrawal of the term deposit, provided the period and aggregate amount of the deposit do not undergo any change.
Treatment of flows in the name of the deceased depositor
In order to avoid hardship to the survivor(s) / nominee of a deposit account, bank may obtain appropriate agreement / authorization from the survivor(s) / nominee with regard to the treatment of pipeline flows in the name of the deceased account holder. In this regard, bank could consider adopting either of the following two approaches:
OR
and heirs by affinity succeed simultaneously. Among heirs by consanguinity those in class I exclude those in class II. The heirs in two sections of class I succeeds together. In each section nearer in degree exclude the remote. The son always takes as a residuary.
A certificate from Muslim Jama-I-eth in the letterhead signed by the head of the institution to which the deceased was affiliated should be obtained giving details of legal heirs with their age. In case of male deceased, a categorical certificate to the effect that the deceased had not married any woman other than the one named in the list is to be insisted upon.
Safe Deposit Locker
Procedure in case there is no Nomination/Survivorship clause:
On receipt of notice of death of a sole renter or of the last survivor of the joint renters, the locker should be sealed with the Bank's seal and a note to this effect should be made in the all respective records as well as in the Memorandum of Letting /Signature Card/Code Book. The Memorandum of Letting /Signature Card should be taken out of card index cabinet and kept carefully in a separate file.
Branches may at their discretion, on production of satisfactory evidence, permit a legal representative of the deceased to inspect the contents of the locker to enable him /her to obtain the necessary succession certificate or any other legal representation.
On registration of the succession certificate, probate of a will or letters of administration, the successor, executor or the administrator respectively shall have power to deal with the contents of the locker.
The contents of the locker, sometimes, are not of great value/ importance, hence, obtaining legal representation involves cost as well as time. The branches may, therefore, in appropriate cases, allow the heirs of the deceased renter to have access to the locker and withdraw the contents against usual indemnity, subject to the following:
The branches should exercise powers as mentioned in Discretionary Administrative Powers, Bank’s Publication No. 154 while considering delivering the contents against usual indemnity signed by the claimant/s and one or two surety/ies considered good for the amount involved.
On approval, the claimant/s should be allowed to remove the contents from the locker after signing an indemnity and a letter of surrender together with the key.
Where an inventory is to be taken in terms of a court order, it should be done in the presence of (i) the Court's representative, (ii) the claimant/s to the contents of the locker held by the deceased renter, (iii) the valuer and (iv)two officers of the branch. The inventory should enumerate the contents of locker and it should be signed by those in whose presence the locker has been opened. The valuer's assessment of the value of each item of the inventory should be in triplicate, one copy to the Court, the second to the claimant and the third to be retained on branch record.
Access to balance in deposit accounts
(A) Accounts with survivor / nominee clause
In the case of deposit accounts where the depositor had utilized the nomination facility and made a valid nomination or where the account was opened with the survivorship clause ("either or survivor", or "anyone or survivor", or "former or survivor" or "latter or survivor"), the payment of the balance in the deposit account to the survivor(s) / nominee of a deceased deposit account holder represents a valid discharge of the bank's liability provided :
Since payment made to the survivor(s) / nominee, subject to the foregoing conditions, it would constitute a full discharge of the bank's liability, insistence on production of legal representation is superfluous and unwarranted. In such case, therefore, while making payment to the survivor(s) / nominee of the deceased depositor, the bank will not insist for production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the survivor(s)/nominee, irrespective of the amount standing to the credit of the deceased account holder.
(B) Accounts without the Survivor / Nominee clause
For deposit accounts with operating instruction singly, jointly, joint account with mandate “either or survivor”/”Former or Survivor”/ “Any one or Survivor”/ with or without Nomination process is given at Chapter-1
2. General Guidelines :
Payment against Legal Representation:
Premature termination of term deposit accounts
As given at part-2 (2.4)
As given at part-2 (para- 2.5)
Time limit for settlement of claims
As given at part-2 ( Para 2.2)
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 bank will adopt generally the foregoing approach, mutatis mutandis, as indicated for the deposit accounts.
4. Check List of formalities to be completed for Deceased Claims:
Deposits
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 –
I. Nomination:
(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,
II. without Nomination I without Survivor clause
A. Against Indemnity
Documents required:
Copy of Death Certificate
Stamped receipt signed by claimant /s for amount received.
(*stamp duty as applicable from time to time in the state of execution as per state enactment) by all the claimants and sureties.
B. Against Legal Representation
Additional Documents required
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.
In addition to guidelines given for settlement of claim upto threshold limit and above threshold limit following additional guidelines are given for convenience of Non Resident customers.
For Non-Resident Depositor/Claimant
In case the Depositor is Non-Resident, and has passed away abroad, the death certificate which is attested /certified by any of the following shall be accepted for processing the claim:
A death certificate accompanied by any of the following document as a corroboratory evidence, confirming incidence of death shall be accepted as such:
In case Claimants(NRIs or Foreign Nationals) stay abroad and it is not possible for them to come to India for completion of formalities-
The assets of deceased NRI account holder should be settled to the legal heirs as per the Personal Law of succession (Hindu, Muslim, Christian or any other community) applicable to the depositor. This is irrespective of whether the claimants happen to be a resident Indian, NRI, PIO or a foreign national.
(However, if any court order/legal representation is obtained, the proceeds should be settled as ordered by Court. In the case of a foreign court order, ancillary orders/resealing should be obtained from Indian Court u/s 228 of the Indian Succession Act.)
Foreign nationals cannot be accepted as sureties while obtaining Letter of Indemnity as he / she will not be governed by Indian law.
Legal Position
The settlement of claims in respect of missing persons would be governed by the provisions of Section 107/108 of the Indian Evidence Act, 1872. Section 107 deals with presumption of continuance and section 108 deals with presumption of death. As per the provisions of Section 108 of the said Act, presumption of death can be raised only after a lapse of seven years from the date of his/her being reported missing. As such, nominee/legal heirs have to raise an express presumption of death of the subscriber under Section 107/108 of the Indian Evidence Act before a competent court. If the court presumes that he/she is dead, then the claim in respect of a missing person can be settled as is done for any other deceased accounts.
4.2. Settlement of claims within threshold limits (Upto Rs.2 lacs)
Settlement of claims where a person is missing for the last 7 years and more where declaration/certificate from court is not produced
The Bank (in such cases) shall settle the claims on production of the following documents:
In settling the claims on the basis of FIR and Final Report the following points should be taken care of.
Apart from above, the following are also required to be considered:
Settlement of Claims in respect of Missing person (Above threshold limits at present Rs.2 lacs)
In a situation where an individual has been missing for 7 years or more and if the nominee / legal heirs/ produce the declaration of the Court that such an individual is presumed to be dead (civil death) then, such person’s account may be treated as of the account of a deceased person. In such cases, when a declaration as aforesaid is furnished, the same will tantamount to the death certificate and it would be in order for the Bank to proceed on such declaration to settle the claims in respect of such missing person’s accounts.
The Credit balance in the deposit account up to any extent may be settled on the basis of submission of claim by the nominee/legal heirs/ enclosing Whether order or Certificate/declaration, Of the competent court and on the basis of identification of the nominee / legal heirs/ claimants the credit balance together with interest, if any, may be paid by cheque or to their account maintained with us or through NEFT/RTGS if account maintained with the other bank.
The branch official should visit the residential premises of the account holder and make discreet enquiries about him/her and report to be kept on branch record. The matter should be reported to next higher authority for PSR.8
Bank will settle the claims in respect of deceased depositors and release payment to survivor (s)/ nominee in case of accounts with survivor/ nominee 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 claimant(s) to the bank’s satisfaction. In the case of accounts without survivor/ nominee clause the claim should be settled within 1 month from the date on which all the requisite documents have been submitted.
Information on Settlement of claims in various types of accounts/facilities
Guidance to the customers on advantages of Nomination facility/survivorship mandate
Nomination facility
Survivorship
Customer Guidance and Publicity
This Operational guidelines for settlement of claims of deceased depositors has been formulated with a view to removing hardships faced by common persons in settlement of claims in deceased accounts. This document also aims at creating greater awareness amongst depositors about the advantages of availing nomination facility offered by bank or giving operational mandates like Either or Survivor, etc. when accounts are opened in joint names.
Branch may provide guidance to deposit account holders on the advantages of the nomination facility and the survivorship clause. It should be highlighted in the publicity material that in the event of the death of one of the joint account holders, the right to the deposit proceeds does not automatically devolve on the surviving joint deposit account holder/s, unless there is a survivorship clause.
The Banking Companies (Nomination) Rules 1985 have been framed in terms of Sections 45 ZA to 45 ZF of the Banking Regulation Act, 1949.
Deposit Accounts
Safe Custody Articles
Discretionary Administrative Powers for settlement of claims
Powers are given in Chapter-1 Customer Services para 1.1 of Discretionary Administrative Powers for Domestic Operations (Publication No.154- Revised 2018 in respect of payment of balance in the account of the deceased customer to the nominee / legal heirs/ claimants may be exercised by the different authorities.
With Nomination
Hindu
Christian
Mohammedan
Inheritance in the case of Muslims is governed by the Sunni or shia law depending upon the sect in which they belong to.
According to Sunni law the classes of heirs areSharers ---
Heirs by consanguinity
But these 12 sharers will inherit fixed shares subject to conditions. A sharer may be excluded by many reasons such as nearer in blood will exclude remote one in one class. Sometimes sharer may be converted as residuary or otherwise one sharer may be partly sharer and partly residuary.
Residuary category:
After fixed share is allotted to the sharers the residue left is devolving upon the residuary:
Children male or female of deceased, of son of deceased, or father of deceased, male descendents of true grandfather.
Son is always a residuary. Daughter with son becomes residuary. Among these, descendents exclude all others. Ascendants exclude all others except descendents and descendents of nearer ascendants exclude those in remote. In each class of residuary nearer blood excludes remote one. Division among these is according to the rule of double share to the male and if only one sex is there then equally divided.
In the absence of sharers and residuary estate devolves upon his other blood relations i.e., distant kindred
According to Shia law the heirs are
Heirs by Marriage : Husband, wife
Heirs by consanguinity and heirs by affinity succeed simultaneously. Among heirs by consanguinity those in class I exclude those in class II. The heirs in two sections of class I succeeds together. In each section nearer in degree exclude the remote. The son always takes as a residuary.
Minor's Interest and Guardianship
A list of legal heirs under various personal laws is as under:
Legal heirs under various personal laws (summary)
Hindus
Muslims
Christians
Parsis
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