Rohit (Sr.Er) 19 February 2014

Bank account without nominee

We are three sons and am the youngest.

My dad passed away 26 months ago.

Now we all three along with our Mother are staying in Bangalore.

He was having two SB accounts with SBI in Andhra Pradesh (before partitioning).

It took time for us to realize his loss and to take steps to bring the money to utilization that is existing in his account.Now have legal heir certificate with us and we three brothers want our Mother to take that amount for her future security.

In this regard,kindly guide me how to proceed further and what kind of documents I should provide to get that money into my Mother's account at the earliest.

Documents we have : 1. Legal Heirs and

2. Authorization letter/acceptance letter from three of us to deposit the money into our mother's account.

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Kumar Doab (FIN) 19 February 2014

RBI: Master Circular on Customer Service

20. Settlement of claims in respect of deceased depositors – Simplification of procedure:

20.2. Accounts without the survivor / nominee clause

If the balance in account up to ‘Min. Threshold limit’ set by board of the bank then Bank and its BM can not demand even ‘Letter of Indemnity’.

If the balance in account is more than ‘Min. Threshold limit’ set by board of the bank then Bank and its BM may pay the amounts by getting ‘Letter of Indemnity’ signed from all legal heir.

The BM/Officer may ask to paste “Authorization letter/acceptance letter from three of us to deposit the money into our mother's account.” On letter of indemnity and that should suffice.

Legal Heirs certificate should suffice. Provide a copy and show the original.

Before you visit it shall be appropriate to discuss with BM on phone.

Attached File : 536884599 deceased depositor account 57cs010709 full.pdf downloaded: 61 times