Bank’s internal private guidelines framed in accordance with RBI guidelines e.g;
(B) Accounts without the Survivor / Nominee clause
For deposit accounts with operating instruction singly, jointly, joint account with mandate “either or survivor”/”Former or Survivor”/ “Any one or Survivor”/ with or without Nomination process is given at part 3 of chapter 1. Requirement of documents are as per check list given at para-4 of this chapter.
i. Payment against Legal Representation
In regard to payment of balances in the accounts of deceased customers to survivors/ claimants, the branches may call for succession certificates from legal heirs of deceased depositors in cases where there are disputes and all legal heirs do not join in indemnifying the bank or in certain other exceptional cases where the branch has a reasonable doubt, about the genuineness of the claimant/s being the only legal heir/s of the depositor.
When all the heirs are ready to sign claim form and indemnity bond, branch may not insist for succession certificate.
The above guidelines are also applicable in respect of other assets like articles kept in the Banks, securities held against advances after adjustment thereof, if any, etc. of the deceased customers to legal survivors / claimants.