Procedure to Settle a Claims in Deceased Depositors Account.

(1) Settlement of Claims in Single Account with or without Nomination.

(a) SB / CD account with Nomination – The balance amount will be paid to the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of depositor.

(b) SB / CD account without Nomination -  The balance amount will be paid to the legal heir(s) (or any one of them as mandated by all of the legal heirs) on verification of the authority of the legal heir(s) and proof of death of depositor.

(c) Term Deposit account with Nomination – The balance amount will be paid to the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of depositor on maturity date of deposit.

(d) Term Deposit account without Nomination -  The balance amount will be paid to the legal heir(s) (or any one of them as mandated by all of the legal heirs) on verification of the authority of the legal heir(s) and proof of death of depositor on maturity of deposit.

(e) Premature termination of Term Deposit account with nomination – Premature termination of term deposit account as per terms of contract will be permitted at the request of the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of depositor.

(f) Premature termination of Term Deposit account without nomination – Premature termination will be permitted on joint request by all legal heirs (or any of them as mandated by all the legal heirs) as per the terms of the contract on verification of the authority of the legal heirs and proof of death of depositor.

(2) Settlement of Claims in Joint Account with or without Nomination and without Survivorship Mandate (operated jointly).

(a) SB / CD account with Nomination.

(i) In the event of death of one (or more but not all) of the joint account holders, the balance amount will be paid jointly to survivor(s) and the legal heirs of the deceased joint account holder (or any of them as mandated by all the legal heirs) against their joint claim on verification of the authority of the legal heirs and proof of the death of the depositors.

(ii) In the event of death of both / all joint account holders, the balance amount at the time of death of the depositors will be paid to the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of depositors.

(b) SB / CD account without Nomination.

(i) In the event of death of one (or more but not all) of the joint account holders, the balance amount will be paid jointly to survivor(s) and the legal heirs of the deceased account holder (or any one of them as mandated by all the legal heirs) against their joint claim on verification of the authority of legal heirs and proof of death of depositor.

(ii) In the event of death of both / all joint account holders, the balance amount will be paid jointly to the legal heir(s) of all the deceased depositors (or any of them as mandated by all the legal heirs) on verification of authority of the legal heirs and proof of death of all the depositors.

(c) Term Deposit Account with Nomination.

(i) In the event of death of one (or more but not all) of the joint account holders, the balance amount will be paid jointly to survivor(s) and the legal heirs of the deceased joint account holder (or any of them as mandated by all the legal heirs) on verification of identity of the legal heirs and proof of the death of the depositors on maturity of the deposit.

(ii) In the event of death of both / all joint account holders, the balance amount at the time of death of the depositors will be paid to the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of depositors on maturity of the deposit.

(d) Term Deposit Account without Nomination.

(i) In the event of death of one (or more but not all) of the joint account holders, the balance amount will be paid jointly to survivor(s) and the legal heirs of the deceased account holder (or any one of them as mandated by all the legal heirs) against their joint claim on verification of the authority of legal heirs and proof of death of depositor on maturity of the deposit.

(ii) In the event of death of both / all joint account holders, the balance amount will be paid jointly to the legal heir(s) of all the deceased depositors (or any of them as mandated by all the legal heirs) on verification of authority of the legal heirs and proof of death of all the depositors on the maturity of the deposit.

(e) Premature Termination of Term Deposit account with Nomination.

(i) In the event of death of one (or more but not all) of the joint account holders, premature termination of term deposit will be permitted against joint request of the survivor(s) and the legal heir(s) (or any one of them as mandated by all legal heirs) as per the terms of contract on verification of identity of the legal heirs and proof of death of depositor.

(ii) Premature termination of term deposit account as per the terms of contract will be permitted at the request of the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of depositors.

(f) Premature Termination of Term Deposit account without Nomination.

(i) In the event of death of one (or more but not all) of the joint account holders, premature termination of term deposit will be permitted against joint request by the survivor(s) and the legal heir(s) of all the deceased depositors (or any one of them as mandated by all legal heirs) as per the terms of contract on verification of authority of legal heirs and proof of death of depositor.

(ii) In the event of death of both / all the joint account holders, premature termination of term deposit will be permitted against joint request by all legal heirs of the deceased depositors (or any one of them as mandated by all legal heirs) as per the terms of contract on verification of authority of legal heirs and proof of death of depositors.

(3) Settlement of Claims in Joint Account with mandate “Either or Survivor” / “Former or Survivor” / “Anyone or Survivors” / “Latter or Survivor” with or without nomination.

(a) SB / CD account with Nomination.

(i) In the event of death of one (or more but not all) of the depositors, the balance amount will be paid to survivor(s) on verification of proof of death of the depositor.

(ii) In the event of death of both / all the joint depositors, the balance amount will be paid to the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of all depositors

(b) SB / CD account without Nomination.

(i) In the event of death of one (or more but not all) of the deposits, the balance amount will be paid to survivor on verification of proof of death of the depositor.

(ii) In the event of death of both / all the joint depositors, the balance amount will be paid jointly to the legal heirs (or any one of them as mandated by all the legal heirs) on verification of authority of legal heirs and proof of death of all depositors.

(c) Term Deposit Account with Nomination.

(i) In the event of death of one (or more but not all) of the depositors, the balance amount will be paid to survivor(s) on verification of proof of death of the depositors on maturity of deposit or as agreed at the time of opening of deposit.

(ii) In the event of death of all joint depositors, the balance amount will be paid to the nominee on verification of nominee’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of all depositors on maturity of deposit or as agreed at the time of opening of deposit.

(d) Term Deposit Account without Nomination.

(i) In the event of death of one of the depositors (or more, but not all), the balance amount will be paid to the survivors on verification of proof of death of the depositor on maturity of deposit or as agreed at the time of opening of deposit.

(ii) In the event of death of all joint depositors, the balance outstanding will be paid to the legal heir(s) of all the deceased depositors (or any one of them as mandated by all the legal heirs of joint holders) on verification of authority of legal heirs and proof of death of all depositors on maturity of deposit.

(e) Premature termination of Term Deposit Account.

(i) In the event of the death of one (or more but not all) of the depositor(s), the balance amount will be paid to the survivor(s) after premature termination of term deposit account on verification of proof of death of the depositor(s), only if, there is a joint mandate from all the depositors to this effect given either at the time of placing the fixed deposit or subsequently during the tenure of deposit or there is suitable clause in this regard in deposit account opening form which is accepted and signed by all the depositors at the time of opening of fixed deposit account.

(ii) In the event of the death of one (or more but not all) of the depositor(s), the balance amount will be paid jointly to survivor(s) and the legal heir(s) of the deceased joint account holders (or any of them as mandated by all the legal heirs) against their joint claim on verification of authority of the legal heir(s) and proof of death of depositor(s). If there is no joint mandate from all the depositor(s) / suitable clause in account opening form to this effect as stated in above para ((3) (e) (i)).

(iii) With Nomination – 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 claimant’s identity (such as PAN Card, Election ID Card, Aadhaar Card, MANREGA Card, Passport, Driving License etc) and proof of death of all depositors.