Death claim settlement

It is presumed that your father has passed away without writing a Will. Your Mother, yourself and Brother/s and Sister/s if any are all eligible to claim the amount. You may go to the bank, inform them the fact of death of your father, submit death certificate,so that all his accounts shall be frozen and nobody can operate them.

 

Obtain requisite Death Claim forms and submit the same as per the instructions of the Bank. Follow the procedure as informed by the Bank.

Depending on the amount to be settled, Bank may insist for indemnity, if all legal heirs authorisation for settling the amount in favour of your mother (NOC) and if the amount is more than Rs.50,000/- and if it is not a joint account, they may insist for succession certificate.  Please contact the Bank with death certificate and there are more formalities required for death settlement depending on the religion of depositor.

THANKS SIVARAMAPRASAD KAPPAGANTU sir &  G.L.N. Prasad sir for your proper guidance.

RBI has issued guidelines in  such matters and RBI gudilines have stautory force.

You may go thru 'Master Circular on Customer services' Clause:19 & 20.

The bank,IBA,BCSBI, prepares its policies in line with RBI guidelines.

The bank has to maintain,display is,RBI, IBA,BCSBI,guidelines in Branch on its website and provide a copy without any cost to customer/claimants.

RBI has guided that Bank may adopt procedures that does not cuae hardships to claimants.

Depending upon threshold limit Bank may make the payment by getting the Idemnity,Disclaimer, surety in favor of mother. All other ClassI Legal Heirs e.g. sons,daughters shall have to sign.

 

Banks especially PSU Banks follow the RBI guidelines and in the subject matter, the Bank being a PSU Bank, Customer to approach the Bank Officials for guidance and assistance in submtting the claim forms..

I agree with the expert Kumar Doab.