Toll Free Number - 1800 30 30 - for all Toll Free Number - 18002031911 - Exclusively for Pensioner National Cyber - Crime Helpline - 1930 
 

Deceased Claim Settlements

Deceased Claim settlement Portal

Settlement of Death Claim

Settlement of Claims of Deceased Customers

The demise of a customers causes considerable hardship to the bereaved family. With a view to mitigating the difficulties faced by the legal heirs / nominee(s) / survivor(s), the Bank shall ensure timely settlement of claims relating to deceased customers, in accordance with the extant RBI guidelines.

While the Bank cannot alleviate the emotional distress arising out of such loss, it shall endeavour to provide necessary assistance by ensuring a transparent, uniform, and expeditious claim settlement process.

Time Norms for Settlement

  • The Bank shall settle claims in respect of deposit accounts of deceased customers within a period not exceeding 15 calendar days from the date of receipt of all requisite documents, complete in all respects.
  • In case of safe deposit lockers and articles kept in safe custody, the Bank shall, within 15 calendar days of receipt of all required documents, process the claim and communicate with the claimant(s) for fixing a mutually convenient date for preparation of inventory of the contents of the locker / articles in safe custody.

Submission of Documents

For expeditious settlement of claims, the claimant(s) shall ensure submission of complete, correct, and valid documents as prescribed by the Bank.

Submission of incomplete, incorrect, misleading, or false information / documents may result in delay or rejection of the claim, as per extant rules and regulations.

Settlement of Claims – Various Account Types

The settlement of claims pertaining to various categories of accounts and facilities shall be governed by the detailed instructions provided herein below, in conformity with RBI directives issued from time to time.

 

Settlement of Claims in Deposit Accounts

Settlement of Claims of Deceased Customers

The demise of a customers causes considerable hardship to the bereaved family. With a view to mitigating the difficulties faced by the legal heirs / nominee(s) / survivor(s), the Bank shall ensure timely settlement of claims relating to deceased customers, in accordance with the extant RBI guidelines .

While the Bank cannot alleviate the emotional distress arising out of such loss, it shall endeavour to provide necessary assistance by ensuring a transparent, uniform, and expeditious claim settlement process.

Time Norms for Settlement

  • The Bank shall settle claims in respect of deposit accounts of deceased customers within a period not exceeding 15 calendar days from the date of receipt of all requisite documents, complete in all respects.
  • In case of safe deposit lockers and articles kept in safe custody, the Bank shall, within 15 calendar days of receipt of all required documents, process the claim and communicate with the claimant(s) for fixing a mutually convenient date for preparation of inventory of the contents of the locker / articles in safe custody.

 

Settlement of Claims – Various Account Types

The settlement of claims pertaining to various categories of accounts and facilities shall be governed by the detailed instructions provided herein below, in conformity with RBI

Submission of Documents

For expeditious settlement of claims, the claimant(s) shall ensure submission of complete, correct, and valid documents as prescribed by the Bank.

Submission of incomplete, incorrect, misleading, or false information / documents may result in delay or rejection of the claim, as per extant rules and regulations.

Settlement of Claims – Various Account Types

The settlement of claims pertaining to various categories of accounts and facilities shall be governed by the detailed instructions provided herein below, in conformity with RBI directives issued from time to time.

Settlement of Claims in Deposit Accounts:-

Settlement of Claims in Deposit Accounts- with nominee(s)/ survivorship clause

Scenario Type

Threshold / Clause

Documents to be submitted

Settlement of claims for deposit accounts with nominee(s)/ survivorship clause

Any Amount
  • Claim Form ( Annexure-I-A)
  • Death certificate of the deceased depositor(s);
  • Officially Valid Document of the nominee/ survivor towards verifying her/ his identity and address
  • Stamped receipt for amount received signed by nominee / person on behalf of minor nominee (Annexure-II)

 

Premature termination of Term Deposit Accounts (with nominee / survivorship clause)

Any Amount
  • Premature termination of term deposits opened jointly, with or without survivorship clause, shall require the consent of the surviving depositors and the legal heir(s) of the deceased joint holder, in case of death of one of the depositors.
  • However, in case of joint accounts with survivorship clause, if a specific mandate is furnished by all the depositors jointly to the bank, either at the time of placing the term deposit or anytime subsequently during the tenure of the deposit, then premature withdrawal option shall be allowed to the survivors on the death of any of the depositors, without seeking the concurrence of the legal heir(s) of the deceased joint deposit holder.
  • In the case of a joint deposit account with or without survivorship clause, the nominee's right arises only after the death of all the depositors.
  • In the event of death of all the joint depositors, the nominee will have right to seek premature termination of term deposit account as per the terms of the contract on verification of his/her identity (such as Election ID Card, PAN Card, Passport, Aadhaar letter etc.) and proof of death of depositors.

 

 

Settlement of claims under the Simplified Procedure for deposit accounts without nominee/survivorship clause

Settlement of claims for deposit accounts without nominee/ survivorship clause

≤ ₹15 lakh
  • Claim form, as given in Annex I-B;
  • Death certificate of the deceased depositor(s);
  • Officially Valid Document of the claimant(s) towards verifying his/ her identity and address;
  • Bond of indemnity, as given in Annex I-C, signed by the claimant(s); 
  • Letter of disclaimer/ no objection, as given in Annex I-D, from non-claimant legal heir(s), if applicable; and
  •       Legal Heir Certificate issued by a           competent authority;

                         OR 

            Declaration, as given in Annex I-E,      regarding the legal             heir(s) of the    deceased    depositor(s) by an       independent person who is well      known to the family of the    deceased,       is not a party to the   claim and is             acceptable to the        bank.

  • Stamped receipt for amount received signed by person receiving payment on behalf of claimant (s) (Annexure-II)

 

>₹15 lakh
  • Claim form, as given in Annex I-B, duly filled in and signed by the claimant(s) other than those who have signed the letter of disclaimer/ no objection;
  • Death certificate of the deceased depositor(s);
  • Officially Valid Document of the claimant(s) towards verifying his/ her identity and address;
  • Bond of indemnity/Surety, as given in Annex I-C, signed by the claimant(s) & from third-party individuals (which may include non-claimant legal heir(s)) who are acceptable to the bank and good for the claim amount; 
  • Opinion Report of Surety(ies) ,wherever applicable Annex I-C-a;
  • Letter of disclaimer/ no objection, as given in Annex I-D, from non-claimant legal heir(s), if applicable; and
  • Legal Heir Certificate issued by a competent authority;

                 OR 

Affidavit, as given in Annex I-E, sworn before a Notary Public/ Judge/ Judicial Magistrate regarding the legal heir(s) of the deceased depositor, by an independent person who is well known to the family of the deceased, is not a party to the claim and is acceptable to the bank.

  • Stamped receipt for amount received signed by person receiving payment on behalf of claimant (s) (Annexure-II)

Accounts without nominee-Premature termination of Term Deposit Accounts

Any Amount
  • Premature termination of term deposits opened jointly, with or without survivorship clause, shall require the consent of the surviving depositors and the legal heir(s) of the deceased joint holder, in case of death of one of the depositors
  • In the event of death of all joint depositors, premature termination will be permitted against joint request by all legal heirs of the deceased depositors (or any one of them as mandated by all the legal heirs) as per the terms of contract.

 

 

 

Settlement of Claims not falling under the Simplified Procedure (Saving Accounts / Current Accounts / Term Deposit Accounts)

Scenario Type

Threshold / Clause

Documents to be submitted

Settlement of Claims for Deposit accounts involving ‘Will’ without any dispute

Any Amount
  • Claim form (Annex I-B), duly filled in and signed by the claimant(s) other than those who have signed the letter of disclaimer/ no objection .
  • Death certificate of the deceased depositor(s)
  • Probate of Will/ Letter of Administration, as applicable
  • Officially Valid Document of the claimant(s)
  • In case a person other than a legal heir is named as a beneficiary in the Will, documents (OVD / Annexure) etc. to be provided by her/ him.
    If any inconsistency / exceptions in the  will is observed, bank may call for additional documents with above mentioned documents:
  • Bond of indemnity,( Annex I-C), signed by the claimant(s)
  • Letter of disclaimer/ no objection( Annex I-D) signed from non-claimant legal heir(s), if applicable

 

Settlement of Claims for Deposit accounts involving ‘Will’ with contesting claims / dispute

Any Amount
  • Claim form (Annex I-B), duly filled in and signed by the claimant(s) other than those who have signed the letter of disclaimer/ no objection as per scenario type.
  • Death certificate of the deceased depositor(s)
  • Officially Valid Document of the claimant(s)
  • Probate of Will
     OR
  • Letter of Administration
    OR 
  • Succession Certificate
    OR
  • Court order/ decree, as applicable.


There should not be any order from a Court restraining the bank from making the payment, the claim shall not be entertained during the period the order is in force.

Settlement of claims in respect of missing persons

≤ ₹1 lakh

In addition to the documents stipulated for Settlement of Death Claims up to threshold limit, are advised to follow the following procedure :

  1. Claimant should lodge a FIR in respect of missing person
  2. Copy of FIR from the concerned police authorities
  3. Non-traceability report  from the concerned police authorities where FIR was filed and submit the same along with the claim form in lieu of death certificate.

OR

An order from a competent court declaring the civil death of the account holder for settling the claim.

 

>₹1lakh

In respect of claims of deceased depositors above ₹ 100,000/-, in addition to the documents stipulated for Settlement of Death Claims in above para, a copy of an order from the competent court under the provisions of Sections 110 or 111 of the Bharatiya Sakshya Adhiniyam, 2023 in lieu of death certificate has to be produced by the claimants /nominee/legal heirs, so as to settle the claims to the nominee/legal heirs/survivor(s).

 
Settlement of Claims in Safe Deposit & articles kept in safe custody

Settlement of Claims in Safe Deposit Locker for Claims with Nominee/ Survivorship clause

Scenario Type

Account Operating Instruction/Clause

Procedure

Documents to be submitted

Safe Deposit Locker for Claims with Nominee

Individual

If a sole locker hirer nominates an individual(s) to receive the contents in the locker in case of her / his death, the branch shall give access of the locker to such nominee(s) with liberty to remove the contents of the locker.
  • Claim Form ( Annexure-I-A)
  • Death certificate of the safe deposit locker hirer(s)/ customer(s) of the safe custody;
  • Officially Valid Document of the nominee/ survivor towards verifying her/ his identity and address;
  • Form of Inventory of Contents of Safe Deposit Locker( Annexure-I-F)/ Form of Inventory of Articles left in Safe Custody( Annexure-I-G)

Safe Deposit Locker for Claims with Nominee

Jointly

In case the locker was hired jointly with the instructions to operate it under joint signatures, and the locker hirers nominate any other individual(s), in the event of death of any of the locker hirers, the branch shall give access of the locker and the liberty to remove the contents jointly to the nominee(s) and the  survivor(s).

 

Safe Deposit Locker for Claims with Nominee

Jointly With Survivorship Clause

In case the locker was hired jointly with survivorship clause and the hirers instructed that the access of the locker should be given to "either or survivor", "anyone or survivor" or "former or survivor" or according to any other survivorship clause permissible under the provisions of the Banking Regulation Act, 1949, the branch shall follow the mandate in the event of death of one or more of the joint locker hirers.

 

Procedure for taking inventory of contents of safe deposit locker

After receipt of the documents mentioned above and being satisfied to the genuineness of the claim, the branch will correspond with the nominee(s) / survivor(s) in writing and fix a date and time for making an inventory of the contents of the safe deposit locker. The same shall be undertaken in the presence of the nominee(s) and / or survivor(s) and / or their authorised representatives, two independent witnesses (should not be employee or ex-employee of the bank), the safe deposit vault custodian and another employee of the bank not associated with locker operations, and recorded as per the inventory form given in Annex I-F.

The branch will then hand over the possession of the contents of the locker to the nominee(s) / survivor(s) / the person competent to receive the contents on behalf of the minor, as the case may be, and obtain an acknowledgment, as given in Annex I-F, that all the contents in the locker of the deceased hirer(s) have been removed and the locker is empty, and they have no objection to allotment of the locker to any other locker hirer as per norms of the bank.

(a) Production of legal documents, viz., Succession Certificate, Letter of Administration, Probate of Will, etc., or Bond of indemnity from the nominee(s) / survivor(s) shall not be required unless there is any discrepancy in nomination.

 

 

Settlement of Claims in Safe Deposit Locker for Claims without Nominee/ Survivorship clause-falling under the Simplified Procedure

Scenario Type

Account Operating Instruction/Clause

Documents to be submitted

Safe Deposit Locker for Claims without Nominee/ Survivorship clause

No Nomination

No Survivorship Clause

No Will Left behind by deceased locker hirer.

 
  • Claim form (Annex I-B), duly filled and signed by the claimant legal heir(s)
  • Death certificate of the safe deposit locker hirer(s);
  • Officially Valid Document of the claimant(s)
  • Letter of disclaimer/ no objection, as given in (Annex I-D), from non-claimant legal heir(s), if applicable
  • Legal Heir Certificate issued by a competent authority
    OR
    Affidavit (    Annex I-E) sworn before a Notary Public/ Judge/ Judicial Magistrate regarding the legal heir(s) of the deceased locker hirer(s) by an independent person who is well known to the family of the deceased, is not a party to the claim and is acceptable to the bank.

 

Settlement of Claims in Safe Deposit Locker for Claims without Nominee/ Survivorship clause-not falling under the Simplified Procedure

Settlement of Claims for Safe Deposit Locker involving ‘Will’ without any dispute

NA
  • Claim form (Annex I-B),  duly filled and signed by the claimant / legal heir(s)
  • Death certificate of the safe deposit locker hirer(s)
  • Probate of Will/ Letter of Administration, as applicable
  • Officially Valid Document of the claimant(s)
  • In case a person other than a legal heir is named as a beneficiary in the Will, documents (OVD / Annexure) etc. to be provided by her/ him.
    If any inconsistency / exceptions in the  will is observed, bank may call for additional documents with above mentioned documents:
  • Letter of disclaimer/ no objection (Annex I-D), from non-claimant legal heir(s), if applicable; 
  • Legal Heir Certificate issued by a competent authority or Affidavit (Annex I-E) sworn before a Notary Public/ Judge/ Judicial Magistrate regarding the legal heir(s) of the deceased locker hirer(s) by an independent person who is well known to the family of the deceased, is not a party to the claim and is acceptable to the bank.

 

Settlement of Claims for Safe Deposit Locker involving ‘Will’ with contesting claims/ dispute

NA
  • Claim form (Annex I-B),  duly filled and signed by the claimant / legal heir(s)
  • Death certificate of the safe deposit locker hirer(s)
  • Officially Valid Document of the claimant(s)
  • Probate of Will
    OR
  • Letter of Administration
    OR 
  • Succession Certificate
    OR
  • Court order/ decree, as applicable
    There should not be any order from a Court restraining the bank from settling the claim(s) in respect to safe deposit lockers, the claim shall not be entertained during the period the order is in force.

 

 

Procedure for taking inventory of contents of safe deposit locker

  • Post Submission of the required documents as per the scenario type for safe deposit lockers, Bank will  correspond with the claimant(s) in writing and fix a date and time for making an inventory of the contents of the safe deposit locker( Annex I-F) in the presence of all claimant(s) or their duly authorised representatives, two independent witnesses.
  • Valuation of the contents of the safe deposit locker shall be carried out by an independent valuer and recorded in the Bond of Indemnity (Annex I-H). (Except for cases settled basis of legal documents- Succession certificate, Probate of will etc.)
  • The claimant(s) or their duly authorised representative(s) may remove the contents of the locker subsequent to submission of the Bond of Indemnity (Annex I-H).

 

 

Articles in Safe Custody

Procedure, as prescribed above for safe deposit locker, shall be followed mutatis mutandis for return of articles kept by the deceased customer in the safe custody of the bank. However, inventory form given in Annex I-G shall be used in such cases.

Procedure for submission of claims

A claimant may lodge the claim at any branch of the Bank, against proper acknowledgement.

Where all required documents for processing the claim are submitted at the time of lodgement, the branch shall issue a written confirmation to the claimant acknowledging receipt of all requisite documents. In case any documents are pending, incomplete, or incorrect, the branch shall clearly intimate the claimant of the list of such deficiencies while acknowledging receipt of the claim. Upon subsequent submission of all required documents, the branch shall issue a confirmation to the claimant that the claim is complete in all respects and ready for processing.

Where the claim is submitted through physical mode, the claimant may submit the claim along with necessary documents and/or documents for verification at any branch of his/her convenience. The recipient branch shall verify the documents and provide an acknowledgement of receipt to the claimant.

After receipt and verification of all necessary documents, the branch responsible for settling the claim shall inform the claimant that all requisite documents have been received and shall also communicate the likely date of settlement, which shall not exceed 15 calendar days from the date of receipt of all required documents.

Download Applications & Various Forms

Annexure Number

Annexure Type

Download Link

I-A

Application Form for Settlement of Claim in Deposit Accounts/ Release of Contents of Safe Deposit Lockers/ Return of Articles in Safe Custody kept by Deceased Customer (cases with Nomination or Joint Account with survivorship clause)

 

Download

I-B

Application Form for Settlement of Claim in Deposit Accounts/ Release of Contents of Safe Deposit Lockers/ Return of Articles in Safe Custody kept by Deceased Customer (cases other than Nomination or Joint Account with survivorship clause)

Download

I-C

Bond Of Indemnity/ Surety

Download

I-C-a

Opinion Report on Surety

Download

I-D

Letter Of Disclaimer/ No Objection

Download

I-E

Declaration/ Affidavit

Download

I-F

Form of Inventory of Contents of Safe Deposit Locker

Download

I-G

Form of Inventory of Articles left in Safe Custody

Download

I-H

Bond Of Indemnity With Respect To Delivery Of Contents Of Safe Deposit Locker/ Articles Kept In Safe Custody By The Deceased Customer

Download

II

Receipt

Download