Claim on the deposits of a deceased depositor by the nominee

The nominee has a good chance of getting the amont because the bank will be inclined only to give it to the nominee.

All branches of the majority of the banks are now interlinked by computer. You may go to any branch where you feel that you have some resource and the bank employee has to just type the name and all accounts shall appear on the computer screen. Banks have applied KYC norms and it is believed that bank has updated all a/c of your grandfather as per KYC norms and name shall be same as in the ID proof of your grandfather.

In the past customers used to open multiple a/c by giving similar names e.g. Kamal Kumar Gupta may write KK Gupta/ Kamal Kumar Gupta/Kamal Gupta however address should remain the same.

From bank you can note down all a/c’s.

Even the staff in the branch may know about all a/c of your grandfather.

As original receipts are not available bank may follow its procedure as laid down by RBI, IBA, and its board and which has to be placed on its website and made available in each branch. You may access it.

Bank can discharge its responsibility by making the payment to nominee.

Nominee is representative to facilitate the payment, however nominee is duty bound to disburse the payment to all legal heirs. Nomination is not absolute assignment. If you are able to obtain the payment from bank that won’t overrule the rights of other legal heirs.

Deceased depositor policy as advocated by RBI is enclosed.

Dear Datta,

You have to get the Death Certificate of your grandfather from the appropriate authority to claim the settlement.

You have to approach the Banker and narrate the entire details they will guide to claim the settlement of your grandfather.

In this case you are very lucky that your father mentioned your name as beneficiary, hence it is somewhat benefits you instead of approaching the court to issue succession certificate to claim the benefits.

They will guide you to lodge a complaint before the Police Station for the loss of Original FD Receipts and get the Non Traceable Certificates (NTC).  After receipt of the NTC you have to give an indemnity bond in favour of the Bank in case any further claim raised by someone else for the same settlement.

They will issue the settlement after the completion of the aforesaid formalities.

It is better to approach the Bank Manager in person and he will do the needful.

In case of nomination registered in bank records, no succession certificte is required.Please approach the bank in person with whatever details you have, the bank will trace all the details of the deposits since all banks have CBS system.