Claim for bank account money if person dies and no nominee

RBI is the central bank and directions/guidelines of RBI are statutory and mandatory.

The banks also maintain the rules/policies/processes in line with guidelines of RBI on their websites.

BCSBI, IBA also hosts the guidelines on their web sites……………

Therefore you may visit the Bank’s web site and others.

In case of difficulty you can approach Citizen’s Charter, Grievance Redressal mechanism………..and/or escalate to o/o MD and Chairman…………..and if required to BO, DCDRF…………..

The amount involved from one bank shall matter.

Even in case of a big bank like SBI the threshold limit as stated below is Rs.10000/………..

If whole of the amount is from one bank you may need to obtain legal heir ship certificate, succession certificate………………however let the bank state the process and demands in writing to you……………

You can also avail the services of a lawyer at your location…………….

RBI : Master Circular on Customer Service

20. Settlement of claims in respect of deceased depositors –

Simplification of procedure.

Provisions of the Banking Regulation Act, 1949

Banks should adhere to the provisions of Sections 45 ZA to 45 ZF of the

Banking Regulation Act, 1949 and the Banking Companies (Nomination)

Rules, 1985.

20.2. Accounts without the survivor / nominee clause

In case where the deceased depositor had not made any nomination or for the accounts other than those styled as "either or survivor" (such as single or jointly operated accounts), banks are required to adopt a simplified procedure for repayment to legal heir(s) of the depositor keeping in view the imperative need to avoid inconvenience and undue hardship to the common person. In this context, banks may, keeping in view their risk management systems, fix a minimum threshold limit, for the balance in the account of the deceased depositors, up to which claims in respect of the deceased depositors could be settled without insisting on production of any documentation other than a letter of indemnity.

20.6 Time limit for settlement of claims

Banks should settle the claims in respect of deceased depositors and release payments to survivor(s) / nominee(s) within a period not exceeding 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claim(s), to the bank's satisfaction.

Banks should report to the Customer Service Committee of the Board, at appropriate intervals, on an ongoing basis, the details of the number of claims received pertaining to deceased depositors / locker-hirers / depositors of safe custody article accounts and those pending beyond the stipulated period, giving reasons therefor.

21.4 Simplified operational systems / procedures

As per the direction of Reserve Bank, the Indian Banks' Association (IBA) has formulated a Model Operational Procedure (MOP) for settlement of claims of the deceased constituents, 

elaborated indetails by Mr Kumar Doab

Thanks for providing such information. But  i am clear about what percentage  would be stamp duty on approx. 10/20 lakhs amount. Is there any document or link where i can found the percentage to deducted on such amount  in case of deceased. I understand there will be a formal legal hearing by successor to claim that amount.

Please help me to get above information.