Indemnity Bond for FD

CA Manmohan (Querist) 26 January 2011 This query is : Resolved
There was a FD in name of a person who passed away , now the his wife wants to claim the amount from bank .... no nomination was made at the time of making the FD.. what is the procedure to realise the money .. Do the lady need to submit a indemnity bond on a stamp paper.. if so please mention the value of stamp paper and also provide the format of indemnity bond.........

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Guest (Expert) 26 January 2011
YOU MAY KINDLY NOTE THAT THE PERSON DIED WITHOUT NOMINATION.HENCE WIFE HAS TO CLAIM THE AMOUNT BY SUBMIT APPLICATION TO THE SAID BANK ENCLOSING DEATH CERTIFICATE.IN CASE BANK IS READY TO RELEASE THE AMOUNT WITHOUT ANY PROBLEM THEN FINE.THEY MAY ASK FOR INDEMNITY BOND.KINDLY NOTE THAT ALL AFFIDAVITS ARE TO BE WRITEN ON A STAMP PAPER OF RS.100/-
BUT IN CASE BANK INSISTS FOR SUCCESSION CERTIFICATE THEN THE LADY HAS TO FILE A CIVIL COURT MATTER ENCLOSING THE DEATH CERTIFICATE AND COPY OF SAID FD AND PRAY FOR SUCCESSION CERTIFICATE.GOODLUCK.
YOU MAY WRITE AND SEND DETAILS FOR FURTHER HELP.GOOD LUCK.

Devajyoti Barman (Expert) 26 January 2011
Yes the bank can either ask for Succession Certificate or Indemnity Bond. Since the bank is here not insistin for Succession Certifficate then it would be easier for her to just execute an Indemnity Bond. The bank itself would provide such fromat and the value of stamp paer as well. Generally stamp paper of Rs 50/- would do.

Advocate Bhartesh goyal (Expert) 26 January 2011
I do agree with experts.

Amit Minocha (Expert) 27 January 2011
agree with experts

SACHIN AGARWAL (Expert) 28 January 2011
It is at the satisfaction of the Bank to release the money of FDR on the Indemnity Bond otherwise the Bank may ask for succession certificate.

In such case the Bank provides the proforma of Indemnity Bond and other related documents as every Bank has its own proforma.

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