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Soumyabrata Talapatra   26 October 2017

Regarding succession in sbi savings account

My name is S Talapatra.My father dies 2yrs ago and in his SBI savings account 18,20,000/- balance is present without any nomination. So for succession do I need to approach court or SDMs office for that. In survival my name my mothers name and my grandmothers name are present. kindly suggest.


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 12 Replies

Kumar Doab (FIN)     26 October 2017

Go thru; RBI Master Circular on Customer Service in Banks;20,20.2

The Bank has asked for what; Succession Certificate?

 

Vikas Hedau (Advocate)     26 October 2017

Apply in court for succession certificate, under Part X of Indian Succession Act.

Soumyabrata Talapatra   26 October 2017

They instructed us to to do indemnity bond and whole bunch of other forms. After that they refused as the total claim amount is way higher than the amount which was present in sureties SBI account. As we don't have any surety with that amount so last option is succession I guess.

Kumar Doab (FIN)     26 October 2017

To avoid court route agree to provide surety(ies)of equivalent/higher amount.

Vikas Hedau (Advocate)     26 October 2017

The Certificate will be helpful in other things also and shall be applicable to all over india

Soumyabrata Talapatra   26 October 2017

For succession certificate what percentage will court take?

Kumar Doab (FIN)     26 October 2017

Check at court of pecuniary jurisdiction....................might  be 2-3%.

Local counsel in your state can advise you.

Soumyabrata Talapatra   26 October 2017

Thank you very much for your valuable advice.

Soumyabrata Talapatra   26 October 2017

One more question, after getting succession certificate will there be any necessity of sureties?

pankaj verma   27 October 2017

surity and indemnity bonds r necessary... for court...legal heir certificate also required..... court fee of 2.5% of total amount is required..

Soumyabrata Talapatra   27 October 2017

As stated earlier we don't have any surerity having equivalent sum in bank account. Which is why we are going for succession.

Soumyabrata Talapatra   27 October 2017

If after getting succession certificate surerity is required then what is the use of this certificate?

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