Soumyabrata Talapatra 27 October 2017

succession and nomination

After doing succession for a sum of 18,20,000/- for a savings account without nomination will there be any need for guarantor or surety for claim?

Reply Follow

9 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 28 October 2017

If a person dies without leaving a will, a succession certificate can be granted by the court to realise the debts and securities of the deceased. It establishes the authenticity of the heirs and gives them the authority to have securities and other assets transferred in their names as well as inherit debts.No guarantor or surety is required.

G.L.N. Prasad (Retired employee.) 28 October 2017

It depends on the laid down rules and regulations of individual bank, RBI directive /policy.

Soumyabrata Talapatra 28 October 2017

What about SBI?

Soumyabrata Talapatra 28 October 2017

The stamp duty required for particular succession is decided by whom?

G.L.N. Prasad (Retired employee.) 28 October 2017

File RTI Application and seek certified copy of RBI directive and SBI internal circular extracts that state the procedure to be followed and documents to be obtained for settlement of amount in SB for 18,20,000/-, the designated authority that is vested with such powers in settling the claim. Read the extract and learn.

Soumyabrata Talapatra 28 October 2017

Thank you very much sir. Just now I asked one lawyer about stamp duty and it's worth. He told me that for 18,20,000 approximately 100000 rs stamp duty needed. It's way more than 2-3%. Kindly suggest.