Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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Sayed Maqsood Ahmed   27 April 2022

natural death of my mother

Sir,

my mother died recently. she was holding ATM of saving account in bank of India,where In her central govt pension was deposited.
is there any law that the bank must pay her registered nominee some death compensation on her Debit card as per certain banking or govt law's

thank you for your advice


Learning

 8 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     27 April 2022

Deceased accounts are bank accounts that are owned by a person who is no more alive (deceased). Banks will freeze the account(s) when they get notified that the account has been deceased. The money and belongings (if stored in a bank locker) will be handed over to the legal heirs/registered nominee in the bank as per the court's directions

Sayed Maqsood Ahmed   27 April 2022

Thanks for your valuable information. 

Is there any provision by Bank to pay some compensation to the deceased nominee registered in bank for using debit card 

Best regards 

P. Venu (Advocate)     27 April 2022

What is the source of your information?

Sayed Maqsood Ahmed   27 April 2022

Ilike pradhan mantri bima yoga (PMBY) member etc

They get certain compensation after the death of account holder through banks who linked their account to PMBY

Best regards 

G.L.N. Prasad (Retired employee.)     28 April 2022

Some banks have linked up with insurance companies and collect the nominal amounts from depositors towards group insurance and the color of such passbook and in the first page, such benefits are stated.  if the passbook has not stated any such scheme, there is no possibility for any bank to pay compensation for the death of the depositor.

Bank accepts deposits from the public, and as per authorization through cheques- returns/refund/pay such amounts outstanding and payable to depositor.  The nomination holds good only for the amount outstanding in the account and even if there is such a scheme linked to insurance, the nomination is separate.   Contact the banker and get needed clarifications.

Sayed Maqsood Ahmed   28 April 2022

Many thanks Mr prasad  sir for your valuable information 

Best regards 

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     29 April 2022

Was her death in any manner attributabe to any act of omission or commision by the bank?  Was she paying any life insurance premium through the bank account?  If the answer to the above questions are in the negative, she is not eligible for any kind of payment by the bank, other than her own amounts lying in credit with the bank.

Sayed Maqsood Ahmed   29 April 2022

Many thanks Mr.Ramani for the valuable information 

Best regards 


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