SETTLEMENT OF DUES IN DECEASED DEPOSIT ACCOUNT :
The under noted procedures will be followed by the Bank in respect of treatment of death of a
depositor for operation of his/her account/ settlement of dues.
i)
ii)
iii)
iv)
v)
If the depositor has registered nomination with the Bank; the balance outstanding in
the account of the deceased depositor will be transferred to the account of / paid to
the nominee after the identity of the nominee is established to the satisfaction of the
Bank.
The above procedure will be followed even in respect of a joint account where
nomination is registered with the Bank.
In a joint deposit account, when one of the joint account holders dies, the Bank is
required to make payment jointly to the legal heirs of the deceased person and the
surviving depositor(s). However, if the joint account holders had given mandate for
disposal of the balance in the account in the forms such as either or survivor, former /
latter or survivor, anyone of survivors or survivor; etc., the payment will be made as
per the mandate to avoid delays in production of legal papers by the heirs of the
deceased.
Upon the death of one of the joint account holders, where operational/repayment
instruction is Either/Anyone of us/Survivor, the right to operate the account and
entitlement to the balance in the account vests with the surviving accountholder/s.
In the absence of nomination and when there are no disputes among the claimants,
the Bank will pay the amount outstanding in the account of deceased person against
joint application and indemnity by all legal heirs or the person mandated by the legal
heirs to receive the payment on their behalf without insisting on legal documents up
to Rs.15000/-. This is to ensure that the common depositors are not put to hardship
on account of delays in completing legal formalities.
Settlement of Claims in respect of Deceased Depositors
- Check-list of documents
1. Accounts with Nomination clauses:
i)
Application for deceased claim from nominee/guardian of nominee (Annexure-1)
ii)
Copy of death certificate
iii)
Identity proof (Election ID card, PAN card, Passport etc.)
2. Joint Accounts with either or survivor clause:
i)
Application for deceased claim from survivor(s) (Annexure-1)
ii)
Copy of death certificate
3. (A). Settlement of claim in deceased depositors accounts having balance upto Rs.15000/i)
Application for deceased claim (Annexure-2)
ii)
Copy of death certificate
iii)
Identity proof (Election ID card, PAN card, Passport etc.)
iv)
Genealogical Tree of the family of the deceased certified by a Govt. Gazetted
Officer/MP/MLA/Sarpanch of Gram Pradhan.
v)
Letter of relinquishment – (Annexure-3)
vi)
Letter of indemnity signed by claimants(s) (Annexure-4)
3. (B). Settlement of claim in deceased depositors accounts having balance above Rs.15000/-
i)
ii)
iii)
iv)
v)
vi)
vii)
viii)
Application for deceased claim (account other than nomination / joint account with
survivor clause) (Annexure-2)
Copy of death certificate
Identity proof (Election ID card, PAN card, Passport etc.)
Genealogical Tree of the family of the deceased certified by a Govt. Gazetted
Officer/MP/MLA/Sarpanch of Gram Pradhan
Affidavits by the claimant/s (Annexure-6)
Letter of indemnity signed by claimant(s) (Annexure-4)
Indemnity from third parties (Annexure-7)
Letter of relinquishment from the legal heirs (Annexure-8)
4.Receipts (Annexure-5)
Annexure - I
Application for Deceased claim
(To be used when account has nomination or is a joint account with survivor clause)
From
...................................................................
...................................................................
...................................................................
To
The Branch Manager,
Allahabad Bank
.............................................................Branch
Dear Sir,
Re: Deceased Account
Late Shri/Smt. ......................................................
Account No(s) .......................................................
I/We advise the demise of Shri/Smt. .....................................................on …………………………...
He/She holds the above account(s) at your branch. The account is in the name(s) of :
.......................................................................................................................................
A. In case of Nomination
I,...................................................................son/daughter…………………………………………… of
Shri ..............................................................residing at…….........................................................am
(i) the registered nominee in the above account(s).
(ii)
the
person
authorized
to
receive
payment
on
behalf
of
Master
/
Miss......................................................... who is the nominee in the above account(s) and is a
minor as on the date of this claim.
Please settle the balance in the account in the name of the nominee. I/we receive the payment as
trustee(s)of the legal heirs of the deceased.
B. In the case of joint account
I/We request you to delete the name of deceased person and continue the account in my/our
name(s) with same mode of operations.
I/We submit photocopy of the following document(s) together with originals. Please return the
original to us after verification.
Death Certificate issued by ...................................................................
Identity proof (required in nomination cases) ...................................................................
Place:
Yours faithfully,
Date:
Claimant(s)
Annexure - 2
Application for Deceased claim
(To be used for cases other than Nomination / joint account with survivor clause)
From
...................................................................
...................................................................
...................................................................
To
The Branch Manager,
Allahabad Bank
................................................Branch
Dear Sir,
Re: Deceased Account
Late Shri/Smt. ..................................................
Account No(s) ...................................................
I/We
advise
the
demise
of
Shri/Smt.
...................................................................
on ...................................................................He/She holds the above account(s) at your branch.
The account(s) is/are in the name of ..................................... ...................... ......
I/We lodge my/our claim for the balances with accrued interest lying to the credit of the above
named deceased who died intestate. I / we am / are the legal heirs of the above named deceased
and lodge my/our claim for payment as per the bank’s rules and discretion. The relevant
information about the deceased and the legal heirs are as under.
1. Names in full of the parents of the deceased:
Father: ...................................................................
Mother: ...................................................................
2. Religion of the deceased: ...................................................................
3. Details of living (i) Husband (ii) Wife (iii) Children (iv) Father (v) Mother (vi) Brothers (vii) Sisters
(viii) Grand Children. If Hindu Joint Family, the name and address of the Karta and Co-parceners
with their respective ages.
Full Name/Address
Occupation
Relationship with
Age
Deceased
(i)
(ii)
(iii)
(iv)
(v)
4. Name or Names of the :……………………………………………………………………………
Guardian/s of the minor
Children of the Depositor
(a) Whether Natural Guardian: ………………………………………………………………………
(b) Whether Guardian appointed: ……………………………………………………………………
by a Court of Law in India.
If so, attach a certified copy
or duly attested copy of such Order
(c) In whose custody the: ……………………………………………………………………………..
Minor/Minors is / are?
5. Claimant/s name/s
and address in full
(i) .....................................................................................................................................
(ii) .....................................................................................................................................
(iii) .....................................................................................................................................
I/We submit the following documents. Please return the original death certificate to us after
verification:
1. Death Certificate (Original + 1 photocopy) issued by:
2. Letter of Indemnity
We request you to pay the balance amount lying to the credit of the above named deceased
to ................................................................... on my/our behalf.
I/We hereby solemnly affirm that the above statements are true and correct to the best of my/our
knowledge and belief.
Yours faithfully,
Place:
Date:
Signature of Claimant(s)
(i) Name of Claimant(s)
Address
Signature
Annexure – 3
SPECIMEN OF LETTER OF RELINQUISHMENT FROM THE LEGAL HEIRS
OF THE DECEASED OTHER THAN THE CLAIMANT
Date: …………………....
To Allahabad Bank
…………………………….. Branch.
Dear Sirs,
Re.: ………………………………………………………………………………..
(Specify the Deposit Account with Title & Account Number)
We, the undersigned, the legal heirs of the deceased ……………………….……………
have no objection to the Bank paying the balance (s) of Rs. ……(Rupees ……….………
………………………………… ……………………. only) standing in the name of the said
deceased to Shri/ Smt./ Kum. ……………………………………………….………….
(State the relationship).
Such delivery of the payment of the balance in the above account/s would be completely
binding on us and we shall not question the Bank’s action in doing so, in any proceedings.
I/We also undertake to bind ourselves, our heirs and legal representatives not to revoke the
declaration made herein.
We agree to keep the Bank indemnified of any risk in this connection and also undertake not
to make any claim at a future date in this regard.
Yours faithfully,
Signature in full
Name
1.
2.
3.
4.
Age
Present Address
Relationship with the
Deceased.
Annexure -4
Indemnity format
(To be duly stamped as per the Stamp Act applicable to the State)
LETTER OF INDEMNITY WITH RESPECT TO PAYMENT OF BALANCE IN THE DECEASED
CONSTITUENT’S ACCOUNT WITHOUT PRODUCTION OF LEGAL REPRESENTATION
To
The Branch Manager
Allahabad Bank
...................................................................
IN CONSIDERATION of your paying or agreeing to pay me/us,
Insert here the 1) .......................................................................................................
Name(s)
2) .......................................................................................................
Claimants
3) .......................................................................................................
4) .......................................................................................................
The sum of Rupees ...................................................................standing at the credit of Savings
Bank/Current/R.D. Account No. etc. ...................................................................with your bank in
the name ofShri/Smt./Kum. ................................................................... since deceased, without
production of Letters of Administration or a Succession Certificate to his/here state or a Certificate
from the Controller of Estate Duty to the effect that estate duty has been paid or will be paid or
none is due I/we do hereby for myself/ourselves and my/our heirs, legal representatives
executors and administrators, jointly and severally UNDERTAKE AND AGREE to indemnify you
and your successors and assign against all claims, demands, proceedings, losses, damages,
charges and expenses which may be raised against or incurred by you by reasons or in
consequence of your having agreed to pay/or paying me/us the said sum as aforesaid.
SIGNED AND DELIVERED
By the above named on this ...................................................................
Day of ..........................................two thousand ......................................
...................................................................
SIGNED AND DELIVERED by
the above named
1…………………………… 2…………………………………. 3…………………………………..
4……………………………. 5…………………………………. 6…………………………………
(heirs /claimants of the deceased)
Annexure - 5
RECEIPT
Received with thanks from Allahabad Bank, _________________ branch, a sum of Rs.
_______________ (Rupees _____________________________ only) by
Banker’s Cheque No.________________ dated ____________ in favour of
________________________________________________ in full and final settlement of my/our
claim as successor on the balance in ___________ Account(s) No(s).______________ standing
in the name of the deceased Shri/Smt/Kum._______________________________________
I/We do not have any other claim from the Bank henceforth.
Place:
Date:
(Signature of all the legal heirs
over a revenue stamp)
DECLARATION in case funds are settled in favour of a Minor
I,__________________father and natural guardian of _____________ hereby certify that the
proceeds of your Banker’s Cheque No.______________
dated_________favoring __________________________issued by you in settlement of the
balance in account number_______________ of Late _________________will be utilized for the
benefit of the minor only.
(Signature of father and natural guardian)
Annexure - 6
AFFIDAVIT BY THE CLAIMANT/S
Affidavit of ................................................................... by occupation.............. ..........................by
caste ...................................................................
I/We solemnly affirm and state that ...................................................................(hereinafter referred
to as the deceased) died intestate
at ................................................on .................... ..........................leaving
(1) ................................................(Names of all the survivors, including widow and unmarried
(2) ...................................................................(if any). The ages of minors to be given)
(3) ...................................................................as his sole heirs and legal representatives.
I/We solemnly affirm and state that the sum of Rs. ...................................................................
In deposit with the Allahabad Bank, Account No. ...................................................................
In the name of the said deceased has develoved upon the aforesaid heirs and legal
representative upon the death of the said deceased and I/We solemnly affirm and state that there
is none else besides them who is entitled to the aforesaid sum of Rs. .....................now held in
the said account with the Allahabad Bank.
I/We solemnly affirm, and state that the said ...................................................................have
authorized me/us to collect the aforesaid sum lying in the aforesaid account with the Allahabad
Bank ...............................................and grant valid receipt in respect thereof on behalf of all the
said heirs and legal representatives.
I/We solemnly affirm and state that all the facts given by me/us in the Claim Form to Allahabad
Bank and signed by me/us on ...................................................................are true and correct.
I/We solemnly affirm that this declaration made by me/us is true and that I/We concealed nothing
and no part of it is false.
1. ...................................................................
2. ...................................................................
Signature of Deponents
SWORN/SOLEMNLY AFFIRMED AT THIS
...................................................................DAY OF
.................................................................................
BEFORE ME
FIRST CLASS MAGISTRATE / NOTARY PUBLIC
Annexure - 7
INDEMNITY FROM THIRD PARTIES
This indemnity granted this ............................. day of ………… two thousand ……….. by 1)
…………………………… son/daughter/wife of ………………………………… by occupation
………………………………………… residing at ………………………… ………………having
SB/Current A/C being No. ………………………… with Allahabad Bank …………… Branch.
And
2) ………………………………………………… son/daughter/wife of ……………………… by
occupation ……………………………………… residing at …………………… …………………
having SB/Current A/C being No. ………………………………………… with Allahabad Bank
…………………………………… Branch.
………………………………………………………………… herein referred to as the “Indemnifiers”
(which expression where the context so admits or requires shall be deemed also to include their
respective heirs, executors, administrators, representatives and assigns) of the one part in favour
of the Allahabad Bank, a Nationalised Bank wholly owned by the Government of India having its
Head Office at 2, Netaji Subhas Road,Kolkata-700 001, and several branches inclusive of one at
………………………………………………………..…
(hereinafter referred to as the Bank) of the other part.
Whereas .................…………………………………………….......... Son/daughter/wife of
…………………………… ……………………… caste ………………………………………… by
occupation
………………………………… resident of …………………………………………………………
…………………………………………………… died intestate on ………………… and whereas
he/she is survived by the undernoted persons : –
as his/her sole survivors, heirs and successors and whereas the said deceased, had a .........
account at …………………………………………… of the Bank, the balance of which amount to
Rs.……………………………… (Rupees ……………………………………………………).
And whereas the said ………………………………………………… have agreed that the amount
outstanding in the said …………………………………………………………account can be paid by
the Bank to the said……………………………………………………………… and whereas the Bank
is prepared to pay the said sum of money to the said ………………… on execution of a Bond of
Indemnity by the indemnifiers.
Now this indenture witnesseth that in consideration of the Bank paying the sum of
Rs.………………………………… (Rupees ………………………………………………………) to
Shri/Smt.…………………………………………………………………………………without
the
production of letter of Administration or a Succession Certificate to the estate of
Sri/Smt.…………........................…………………………………… ……………………………… . or a
Certificate from the Controller of Estate Duty to the effect that Estate Duty has been paid or will
be paid or that none is due, we the indemnifiers hereby jointly and severally undertake to
indemnify the Bank its Successors and assigns against all actions, proceedings, claims and
demands whatsoever which may be brought or made against the said Bank in consequence of its
having effected the payment as aforesaid on the basis of the representation made by us.
1. …………………………………………………
2. …………………………………………………
(Signature of the Indemnifiers)
In witness whereof the indemnifiers have hereunto put their respective signatures the day and
year first above written.
1. Witness ..........................................................
Designation ........................................................
Address ..............................................................
............................................................................
2. Witness ...........................................................
Designation ........................................................
Address ..............................................................
............................................................................
Sd/-...............................................................
Sd/-...............................................................
Annexure -8
SPECIMEN OF LETTER OF RELINQUISHMENT FROM THE LEGAL HEIRS
OF THE DECEASED OTHER THAN THE CLAIMANT
Date: ………………………………
To
Allahabad Bank
………………………………………Branch.
Dear Sirs,
Re.: ………………………………………………………………………………………
(Specify the Deposit Account with Title & Account Number)
We, the undersigned, the legal heirs of the deceased ………………………………………
Have no objection to the Bank paying the balance (s) of Rs.………(Rupees…………………………
only) standing in the name of the said deceased to
Shri/ Smt./ Kum. ………………………………………………………………………
(State the relationship).
Such delivery of the payment of the balance in the above account/s would be completely binding
on us and we shall not question the Bank’s action in doing so, in any proceedings. I/We also
undertake to bind ourselves, our heirs and legal representatives not to revoke the declaration
made herein.
We agree to keep the Bank indemnified of any risk in this connection and also undertake not to
make any claim at a future date in this regard.
Yours faithfully,
Signature in full
Name
Age
Present Address
Relationship
with the Deceased
1. ………………… ……………………… ………… ………………………… …………………….
2. ………………… ……………………… ………… ………………………… …………………….
3. ………………… ……………………… ………… ………………………… …………………
4. ………………… ……………………… ………… ………………………… ………………….