Nomination in bank account of deceased

yatharhpan (Querist) 10 March 2015 This query is : Resolved
Dear sir,

My dad expired recently,He has bank accounts with locker and ppf accounts.I found PPF passbook with nomination registered in favour of My mother who expired 9 years back. I also found application to bank in the form issued by them for change of nomination in favour of 2 sons duly signed by my dad but seems to be not submitted to the bank.Its date is also nine years old.

Can I show and submit this old form to the bank to effect change in nomination.If bank doesn't to accept what are the remedies available.
regards.

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Devajyoti Barman (Expert) 10 March 2015
Old form is of no help.
It appears your father and mother has dies without any WILL. In that case you can apply for Succession Certificate for even distribution of the properties equally among themselves.

ajay sethi (Expert) 10 March 2015
bank will insist on succession certificate to grant access to locker and ppf accounts . contact a local lawyer and apply for succession certifcate

Kumar Doab (Expert) 10 March 2015
RBI has issued guidelines ( Master Circular on Customer Services) on treatment of deceased depositor a/c with nomination and without nomination...........for accounts and lockers.......
These guidelines have statutory force and are available on website of RBI and has to be maintained on bank's website and printed version should be supplied to customer without any cost.....
Bank is bound to keep its own guidelines in line with RBI guidelines on its website and in branch too.

If the Revised Nomination Form was submitted to bank and copy is found in papers of your deceased father then bank should have updated nomination....

If original form was not submitted to bank then bank is not at fault.

If there is no nomination or if nominee has also deceased then the payment can be made to successors/legal heir by the BM as per threshold limits set by the bank as per its internal policies and BM may ask for Indemnity, sureties of equal value.........
and handover the funds and items....

In a/cs which have nomination NO Indemnity, surety is required and no threshold limit is applicable.

Meet the BM with confidence..

Guest (Expert) 10 March 2015
Well advised.

Rajendra K Goyal (Expert) 10 March 2015
Well advised, agree with expert Kumar Doab.

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