If i have will then do i need succession certificate?


Last month my father got expired. he have deposit of 14lac without nomination in SBI bank. Me, my brother and my mother are only legal heirs. Me and my brother r both major. My dad made registered will in favor of my mother. Now bank is asking for succession certificate or probate on will to claim money. there is no dispute among us regarding share. we just want that money get release from bank in any way. As per RBI guideline bank cannot insist legal heir for succession certificate unless there is dispute among legal heirs irrespective of amount invovled. 

Can i get money without probate and succession certificate in my mother favor only or in us all?

 
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Advocate

You may request the Bank Officials that apart from your mother, all the other legal heirs are ready to give indemnity bond to the bank authorities, that you all have no objection to make payment of money to your mother and in case, there arises any dispute in future in respect of money paid to your mother, you will indemnify and keep indemnified the bank authorities for any losses that may occur because of such dispute.  There should be no obstacle for bank authorities to make payment on receipt of such indemnity bonds from all the legal heirs.  Regards.  Adv. Deepak ddkharpudikar@indiatimes.com

 
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advocate

I think bank would not accept your request because there is a huge amount.

 
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retired

it is courts who insist on will .

banks and nbfcs alwaya ask for succession certificates.

better course is to show will to bank and if bank rules do no approve will to make payments to mother , better give indemnity as stated by our advocate brother, above and get money from bank.

THIS IS THE REASON WHY WE  ALL NEED TO HAVE JOINT ACCOUNTS IN BANKS AND JOINT NAMES IN PROPERTY DOCUMENTS.

R.V.RAO

 

 
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The purpose of asking for 'succession certificate' is to avoid bank from litigation in case of dispute among heirs of deceased account holder. In case, there is no dispute among heirs the bank cannot insist for succession certificate more particularly if all the heirs are ready to furnish indemnity bond to the bank to indenminfy it in case any loss is sustained by the bank for any claim raised by any person regarding the deposits.

 
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advocate

AS PER GUIDE LINES OF RBI BANK IS CORRECT. WITHOUT PROBATE/SUCCESSION CERTIFICATE BANK WILL NOT GIVE YOU MONEY.

 
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Bank doesnot have any right to claim probate or succession unless there is no dispute among legal heirs.

There is no RBI guideline regarding this. Here is RBI guideline in which RBI advised bank to adopt simple way to settle the claim

http://www.rbi.org.in/scriptts/NotificationUser.aspx?Mode=0&Id=2284

On Website of SBi...SBI itself written that bank cannot ask succession certficate irrespective of fund invovle

javascriptt:setViewSectionValues(0,'0,453,102,505,591');%20submitpage('frmViewSection','viewsection')

 
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sorry dispute among legal heirs

 
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In case your father expired without making nomination and there is dispute among the legal heirs then the bank is right in asking for either the succession certificate of for probate of will because that is the only way for bank to discharge its liability in a legal manner.

 
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In case your father expired without making nomination and there is dispute among the legal heirs then the bank is right in asking for either the succession certificate of for probate of will because that is the only way for bank to discharge its liability in a legal manner.

 
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