STATE BANK OF INDIA :: INDIA's LARGEST BANK

https://www.sbi.co.in/user.htm?action=print_section&lang=0&id=0,453,1...

PAYMENT OF BALANCE IN ACCOUNTS OF THE DECEASED CUSTOMERS TO SURVIVORS CLAIMANTS

PAYMENT OF BALANCE IN ACCOUNTS OF THE DECEASED CUSTOMERS TO SURVIVORS/CLAIMANTS The bank may not insist on succession certificate from legal heirs irrespective of amount involved if there are no disputes among survivors and all legal heirs join in indemnifying the bank. However, the bank may adopt such safeguards in considering settlement of claims where the Bank has reasonable doubts about the genuineness of the claimant(s) being the only legal heir(s) of the deceased depositor. The procedures/documentation for settlement of claims has been considerably simplified if there are no disputes among legal heirs: 1. Claims for Aggregate Balances up to Rs 50,000/- will be settled on furnishing: a) Declaration on the claim format signed by the claimants together with one independent person known to the family of the deceased and acceptable to bank. b) A stamped Letter of Indemnity from all claimants (other than those who have furnished the stamped letter of disclaimer). (No sureties are required for claims up to Rs 50,000/-) 2. Claims for Aggregate Balances above Rs 50,000/- up to Rs. 1 Lakh a) Declaration from one independent respectable person unconnected but well known to the deceased family and acceptable to bank. b) One surety good for the amount. If one surety is not considered good for the amount another surety may be obtained (both jointly good for the amount). c) Stamped Letter of Indemnity from all claimants (other than those who have furnished the stamped letter of disclaimer). 3. Claims for Aggregate Balances above Rs 1 Lakh a) "Claim Form" to be signed by all claimants( other than those who have furnished the stamped Letter of Disclaimer) b) Affidavit (stamped) from one Independent respectable unconnected but well known to the deceased family and acceptable to bank. c) One surety good for the amount. If one surety is not considered good for the amount, another surety may be obtained (both jointly good for the amount). d) Stamped Letter of Indemnity from all claimants (other than those who have furnished the stamped letter of disclaimer). In all the cases Bank will satisfy itself by making enquiries that there are no other claimants to the assets of the deceased and also that constituent died intestate and there are no disputes among the claimants and all claimants sign the Letter of Indemnity.

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STATE BANK OF INDIA :: INDIA's LARGEST BANK

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