Succession certificate of bank locker

Mehboob Rahman (Querist) 05 October 2012 This query is : Resolved
My Client lives in the UK and a bank locker stands in a nationalized bank in the name of her deceased parents jointly. She is a single child. The bank intimated in writing that she would require a succession certificate. The law says that SC is not required if there is no nomination. My client says she is not made a nominee according to her knowledge. Therefore if a SC is applied for, how will the stamp value be determined? Secondly how do determine the stamp value of share certificate, is it on the face value or the current market value?

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ajay sethi (Expert) 05 October 2012
the bank wants to safeguard its interests . hence asking for succession certifcate .

court fees would depend upon court fees act of particualr state

MohammedRaffiq Bijapur (Expert) 05 October 2012
Succession Certificate is must to get the fund or any movable deposited in bank. Nomination is not just to enforce claim when there is no dispute.
So u have to file P & SC case in court. Stamp duty is fixed on the value of share certificate.
In Karnataka upto 3 lakh it is 3%

Guest (Expert) 06 October 2012
What is the link between a bank locker and a share certificate, as you stated in your query?

Mehboob Rahman (Querist) 10 October 2012
Thanks. The locker and the share certificate are two different assets altogether but both pertaining to SC cases.

Arun Kumar Bhagat (Expert) 05 November 2012
You shall have to pay ad-hoc fee first and after assessing the value of goods kept in the locker by a court approved valuer, remaining court fee have to be paid.

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