Banking -locker
Gopal Ranjan Panigrahi
(Querist) 13 June 2014
This query is : Resolved
Sir,
A person having locker in an Nationalised Bank dies; there are no nominee mentioned.
Legal hiers though capable issue a notarised power of attorney whereby there authorise a non legal hier(far off relative) for collection of the articles in the locker.
What should the Nationalized Bank do in Case.
Can the Bank allow the authorised person thru POA to collect the article or refuse.
What does the law & guidelines say in such cases
Thanks
Gopal R. Panigrahi
Rajendra K Goyal
(Expert) 13 June 2014
Bank should refuse.
Bank should ask the legal heirs to be present to open the locker and prepare the inventory of contents before two witness as per guidelines contained in RBI circular on customer service.
Legal heirs should be asked to get a succession certificate from the court for the articles.
Alternately, if Bank is satisfied, it may deliver contents to all legal heirs or one legal heir (in case all other renounce their rights in his favor), after following procedure as per Model Operational Procedure (MOP) for settlement of claims of the deceased constituents, prepared by Indian Banks' Association (IBA) on RBI instruction.
Kumar Doab
(Expert) 13 June 2014
The access is to be given to legal heir(s) / legal representative of the deceased locker hirer.........
RBI::: Master Circular on Customer Service:
21.Access to the safe deposit lockers / safe custody articles return of
Safe custody articles to Survivor(s) / Nominee(s) / Legal heir(s)
21.2 Access to the safe deposit lockers / return of safe
custody articles (without survivor/nominee clause)
21.3. Preparing Inventory
21.4 Simplified operational systems / procedures
".......................banks are advised to adopt a customer-friendly procedure drawn up in consultation with their legal advisers for giving access to legal heir(s) / legal representative of the deceased locker hirer."
Dr J C Vashista
(Expert) 14 June 2014
Well explained by Sh. Kumar Doab ji, I appreciate and agree.
ajay sethi
(Expert) 14 June 2014
agree with kumar Daoab
malipeddi jaggarao
(Expert) 14 June 2014
Though the RBI Master circular advised to adopt a customer friendly procedure, individual banks are authorised to draw their own procedures in such cases.
I agree with the advice of expert Shri Rajendra K Goyal. The Bank will at least insist for Legal Heirship Certificates and deliver the contents to all the LHrs jointly. If for genuine reasons all the Legal Heirs could not join, they can give a power of attorney to one of the legal heirs in which case bank will make inventory before the advocate and list out the contents handed over to POA.
In this case, "though capable" Legal Heirs have given a Power of Attorney to a third person. Bank will definitely make inquery and only on its satisfaction may deliver the contents to POA or it may even refuse.
Delivering the contents require more carefulness on the part of the bank, as nobody knows what are the contents kept in side whereas in case of Term deposits etc., the amount is quantified. Hence, though customer friendly approach is advised, Banks will take all appropriate steps and due care while dealing with the issue.
T. Kalaiselvan, Advocate
(Expert) 15 June 2014
Very well advised by all experts on the issue, I go with the advise given by expert Rajendra K Goyal.
