Procedure for claim settlement in case of deceased accounts.
goutham
(Querist) 09 October 2016
This query is : Resolved
My father was having current account in vijaya bank of Rs 3lac. He passed on June 2016.Fathers Current account is not having any nomination. Please share the procedure to get the money.
Kishor Mehta
(Expert) 10 October 2016
Sir,
You may obtain "Letters of Administration" or "Succession Certificate" from a Court of Law that has jurisdiction.
Good Luck,
Kishor Mehta
Ms.Usha Kapoor
(Expert) 10 October 2016
You may obtain letters of Administration or succession certificate from court of law that has jurisdiction.
Kuummaar AS
(Expert) 10 October 2016
Goutham,
Why don't you contact the Branch? May be they accept NOC/indemnity/Affidavit from the llegal heirs as amount is not much.
In case you have contacted, share what they say.
Ms.Usha Kapoor
(Expert) 10 October 2016
Yeah! for such small amount they may ask Affidavit/NOC/Indemnity from the legal heirs.
P. Venu
(Expert) 10 October 2016
Yes, first of all contact the Bank Manager.
Kumar Doab
(Expert) 10 October 2016
Download the Deceased Depositor Policy of the bank that is to be maintained at bank's website and a free copy to be provided to claimant, in accordance with RBI guidelines that have statutory force.
Relate it with:
RBI Master circular on Customer Service; Clause;19 & 20
and Deceased Depositor Policy advocated by IBA, BCSBI
Each bank has set a threshold limit upto which it may pay by accepting Indemnity, affidavit, sureties.....
Rajendra K Goyal
(Expert) 10 October 2016
Taking succession certificate would be time and cost consuming.
All the legal heirs should submit application, indemnity bond from known and good for the amount person, affidavit regarding legal heirs, death certificate, and renunciation letter if other legal heirs prefer to renounce their right in favor of one legal heirs.
The process would be complete in a day or two and expenses may be below one thousand.
You can get formats of the documents from the Branch.
Guest
(Expert) 10 October 2016
Procedural aspects may be ascertained from the concerned bank. Moreover, every bank has uploaded the procedure for making claims in deceased cases on their websites. You may check the site of the related bank.
However, when you feel any problem in claiming the amount even after following the prescribed procedure, you may come forward with the actual problem with detailed description.
Kumar Doab
(Expert) 10 October 2016
All banks almost nowadays ask to sign declaration in favor of one persons.
It is easy and less time consuming.
Try for it.
If the local management does not agree citing internal rules on threshold limit, try with senior management.
If they are convinced they may agree.
Rajendra K Goyal
(Expert) 10 October 2016
Agree with the expert P.S. Dhingra ji.
In case of problem, if you wish, you may approach / write to concerned Regional Manager, General Manager, Chairman of the Bank.
Kumar Doab
(Expert) 10 October 2016
Be mindful; that threshold limit is allowed by central bank and regulator RBI.
Therefore : One must not take it as a mater of right.
All Legal heirs/successors may have to sign in presence of the designated bank official.
If handled properly and if Bank is convinced of genuineness of claimants, it may resolve even upto level of say: AGM.
Rajendra K Goyal
(Expert) 10 October 2016
Expert Kumar Doab sir,
The amount involved is only 3 lacs and very well covered under the procedure and guidelines of the Indian Banks Association to member Banks.
Kumar Doab
(Expert) 10 October 2016
Expert Mr. Rajendra K Goyal,
Sir,
If IBA has covered then M/s Vijay Bank should agree.
