Banking
Death claim settlement
My father was account holder of Punjab National Bank.He expired on 29/08/2015.Nomination was not done by him and right now my mother is alive. 1. Is my mother authorized to claim for death claim settlement or not? 2. If my mother is alive ,are any other family members( e.g my brothers and sisters) authorized to claim for death claim settlement? We wish to authorize our mother for claim of death claim settlement.
By  ullas ahuja  |  09 Mar 2016  |  Upvotes: 0  | 

3 Answer(s)

Vishal Kumar Thakur
Advocate

Depending on the amount to be settled, Bank may insist for indemnity, if all legal heirs authorisation for settling the amount in favour of your mother (NOC) and if the amount is more than Rs.50,000/- and if it is not a joint account, they may insist for succession certificate. Please contact the Bank with death certificate and there are more formalities required for death settlement depending on the religion of depositor.

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Tushar Bhargava
Advocate

RBI has issued guidelines in such matters and RBI gudilines have stautory force. You may go thru 'Master Circular on Customer services' Clause:19 & 20. The bank,IBA,BCSBI, prepares its policies in line with RBI guidelines. The bank has to maintain,display is,RBI, IBA,BCSBI,guidelines in Branch on its website and provide a copy without any cost to customer/claimants. RBI has guided that Bank may adopt procedures that does not cuae hardships to claimants. Depending upon threshold limit Bank may make the payment by getting the Idemnity,Disclaimer, surety in favor of mother. All other ClassI Legal Heirs e.g. sons,daughters shall have to sign.

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Harshit Bhurani
Advocate
It is presumed that your father has passed away without writing a Will. Your Mother, yourself and Brother/s and Sister/s if any are all eligible to claim the amount. You may go to the bank, inform them the fact of death of your father, submit death certificate,so that all his accounts shall be frozen and nobody can operate them. Obtain requisite Death Claim forms and submit the same as per the instructions of the Bank. Follow the procedure as informed by the Bank.
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