Account in case one expires without leaving any nominations
suman.garg81
(Querist) 21 April 2011
This query is : Resolved
Hi all Collegues,
My father expired few months back and in his account some odd 30000 rs are their which we wanted to tranfer to my mother name . My father acoount was with PSU bank and he had not nominated anyone to operate in case he expired.
Please let me know the process and forms etc required for teh same.
Regards
M.Sheik Mohammed Ali
(Expert) 21 April 2011
what is asking the bank for transfer to fund in your mother name account, basically all the bank ask legal heir certificate from court, if the bank ask legal heir certificate then apply declaration of heirs.
Raj Kumar Makkad
(Expert) 21 April 2011
You all other legal heirs except your mother file/submit your affidavits with the bank to transfer that amount in the account of your mother and your mother should furnish an indemnity bond.
R.Ramachandran
(Expert) 21 April 2011
You have to first get a legal heir certificate, which will be issued based on the Application filed by you along with the Death Certificate of your father.
After getting the legal heir certificate, you can submit the same to the Bank. If there are other legal heirs other than your mother, and if you want to transfer the amount to your mother's account, then the other legal heirs have to give a 'No objection certificate' to the Bank stating that they are giving away their interests in the money in favour of their mother, and that they have no objection if the bank transfers their share to the mother's account.
Thereafter the bank will transfer the amount lying in your father's account to your mother's account.
Parveen Kr. Aggarwal
(Expert) 21 April 2011
In case of not having nomination, the bank may ask for succession certificate issued by the court under the Indian Succession Act, 1925. Then, you will have to obtain such certificate from the court.
Guest
(Expert) 21 April 2011
Better contact the bank manager instead of working on guess. Only the Bank Manager can guide you properly, as they have their own procedure and delegations to settle such claims. If the amount falls within the power of any of the authorities of the bank. In that case the Bank will settle the claim by getting necessary formalities completed, including consent letters of the legal heirs in favour of your mother and the indemnity bond from your mother,etc. Otherwise the manager may ask you to submit the succession certificate of your mother to take further action to settle the claim.
Some times, It also happens that a nomination exists on their record, but not shown in the passbook. So, you may also be able to know whether nomination exists or not and in whose favour. In that case, if nomination exists, even succession certificate may fail even after making infructuous expenditure and waste of time in acquiring that.
malipeddi jaggarao
(Expert) 23 April 2011
Mr.Dhingra is correct. Banks do have separate procedures depending on the amount involved in such cases. In this case amount involved is only Rs.30,000/. Bank will you a specimen application and specimen indemnity. All the family members should fill-up the application nominating your mother to receive the amount along with a copy of death certificate and a simple legal heir certificate (family members certificate) issued by concerned MRO/Revenue authority. The specimen indemnity should be prepared on a stamp paper (on Non-judicial stamp paper with appropriate stamp duty (normally Rs.100/-). The Bank will process the papers and transfer the amount to your mother's account. It is a simple procedure. Contact the Bank Manager. He will guide you. But it is advisable all of your family members go together and meet the Bank Manager.
