Sucession certificate
hariharan
(Querist) 06 September 2014
This query is : Resolved
Dear sir
My father and mother expired without any will
How to apply for legal heir cert. For
Bank locker in their name
Share certificate mutual funds and post office savings
How much time ,cost, and procedures?
Thanks
Anirudh
(Expert) 06 September 2014
Dear Hariharan,
If there are any immovable property (like land, building etc.) then you have to apply for and obtain legal heir certificate from the Tehasildar of your area. Approach the office, they will provide you with a form, fill up the form and give. It does not involve any money. But it may take not less then 2-3 months as they have to visit your locality, make enquiries and then only grant the legal heir certificate.
As for movable properties (like bank lockers, amount in Bank Account, Post office account, share certificates, etc.) you have to apply to the Civil Court within whose jurisdiction your residence falls. In that case first you have to ascertain the value of the amount lying in these accounts / lockers / shares etc., and then on that basis a fixed percentage has to be paid as court fee. For this you have to approach a lawyer in your area and he will do the needful. This will also involve not less than 3 months.
ajay sethi
(Expert) 06 September 2014
agree with Mr anirudh
Rajendra K Goyal
(Expert) 07 September 2014
Well advised by the expert Anirudh.
However, all the Banks are taking the nomination in case of deposit and locker accounts. Succession certificate is cost and time consuming. If nomination exist you can proceed accordingly.
If nomination does not exist you should furnish acceptable affidavit regarding names of legal heirs from independent person and acceptable indemnity with identity proofs. I is faster and cheaper method. RBI has issued guidelines regarding this.
For shares also acceptable indemnity and required documents can be furnished. These would also be transferred.
Post offices have nominations in their deposit accounts.
T. Kalaiselvan, Advocate
(Expert) 09 September 2014
For bank FDs, shares or post office deposits, instead of legal heirship certificate, indemnity bonds are acceptable, in fact in Karnataka the revenue department do not issue legal heirship certificate, so either indemnity bond or a succession certificate from court of law is the remedy.
