Succession certificate

For transfer of the bank account in favour of the wife of the deceased, no succession certificate is required. A legal heir certificate issued by the local revenue authorities would suffice. In case the money in the account is substantial, a joint indemnity may be obtained from the wife and the son. However fo transfer of moveable property, succession certificate would be required by the regitrar. In case the property is a flat in a cooperative society, the transmission may be done based on the above legal heir certificate, no objection/adffidavit and indemnity from the son of the deceased. There is no form for application of sucession certificate and the application has to be filed with the local court having jurdisction. Please approach the local advocate for this purpose.

Vasudevan

Kindly look into the “Deceased Depositor Policy” advocated by RBI and published by IBA, BCSBI. The banks are under obligation to keep the policy on their web site and to make it available to customer in branch.

20. Settlement of claims in respect of deceased depositors –

Simplification of procedure.

20.2. Accounts without the survivor / nominee clause

In case where the deceased depositor had not made any nomination or for

the accounts other than those styled as "either or survivor" (such as single or

jointly operated accounts), banks are required to adopt a simplified procedure

for repayment to legal heir(s) of the depositor keeping in view the imperative

need to avoid inconvenience and undue hardship to the common person. In

this context, banks may, keeping in view their risk management systems, fix a

minimum threshold limit, for the balance in the account of the deceased

depositors, up to which claims in respect of the deceased depositors could be

settled without insisting on production of any documentation other than a letter

of indemnity.

Apparently the family left by deceased is wife and son only and son is willing to relinquish in favor of mother {wife of deceased}.

The BM of the bank may agree to settle {if the min. threshold limit as per policy of the bank is lower than the amounts held in a/c of deceased} upon witness of persons having sound a/c with the bank.

It shall be good to settle at the branch level.

In any case if the need arises approach a local lawyer well versed with such matters and obtain succession certificate for all instruments/estate of the deceased including FD’s, PPF, land etc.

Valuable advice of learned experts/members is sought.

Thanks Mr vasudevan

Thanks Mr kumar