12 Responses to Bank Account,Term Deposit,Locker:Paperwork Required For Claim


    Me, my brother are holding a joint nri/nro account (either or survivor, with my mother who has expired. Kindly let me know what are the documents the bank requires and also we have a locker which is in her name; are we liable to operate the locker, as the locker rent is deducting for the same account. Even we do not know whether she has nominated for the locker.

  2. G. M Ansari says:

    I have a locker in SBI with a Anyone or Survivor type account with my wife. I have keys with me. Having some internal dispute with the wife, What if she asks bank not to allow me for operating locker independantly.

    Will bank not allow me to operate that locker, if I want to do that alone?

    • admin says:

      Sad to hear about your dispute. Hope it works out between you two.
      Coming to your question If she requests bank should still allow you to operate as it is in Anyone or Survivor mode.
      Worse come to worse bank can ask both of you to come together to operate it.

  3. Lokesh says:

    Dear Sir,
    Is it a legal requirement for bank to have nomination for opening a locker in a schedule bank?, also if the customer refuses to fill in nomination is the bank suppose to take a undertaking from the customer.

    • admin says:

      Lokesh this article is for informational purpose only. It is best if you ask the bank. As per what we have found that it is not mandatory but we request you to nominate if you haven’t done so. It will save lot of headache for your family.

  4. […] legal heir ship certificate, no-objection certificate from other legal heirs, among others.  paper work required to claim deceased’s bank account , paperwork required to claim deceased’s mutual […]

  5. CHANDRA says:

    Dear Sir

    Very informative and useful article indeed. Some questions :

    Is it mandatory for banks to allow premature withdrawl of term deposits if one of the holders has expired before maturity ? If yes, is it mandatory for the banks to allow this premature withdrawl without any penalty ?

    If only first holder of term deposit is senior citizen, after his death, can second holder continue to get senior citizen benefit (0.5% higher interest rate) till maturity of the deposit ?

    On the above two points, different banks are telling different things. Is there any rule made by government or RBI on the above points, which all banks have to follow ? If yes, please provide reference.

    Thank you very much

    • admin says:

      Thanks Chandra.
      Banks normally let the term deposit of the deceased accountholder mature. But they have a clause (in the opening form) if one wants to close the term deposit prematurely. So you might have to check specific bank.

      A very good question Chandra regarding Senior Citizen term deposit account. Sorry I don’t have the information and could not find anything till now. However I found a reference with respect to Senior Citizens Savings Scheme, 2004 on RBI which can be a joint account but only with a spouse. Quoting from it

      In case of a joint account, if the first holder / depositor expires before the maturity of the account, the spouse may continue the account on the same terms and conditions as specified under the SCSS Rules. However, if the second holder i.e. spouse has his / her own individual account, the aggregate of his/her individual account and the deposit amount in the joint account of the deceased spouse should not be more than the prescribed maximum limit. In case the maximum limit is breached, then the remaining amount shall be refunded, so that the aggregate of the individual account and deceased spouse’s joint account is maintained at the maximum limit. [Rules 6 (4) and 8 (3)]

      If you could share which bank said what then we can try finding more information though I feel that you have to go with what bank says . But my sincere request is you ask a financial expert

  6. Usually banks refrain in making premature withdrawal of FDR TO NOMINEE OR LEGAL HEIRS IN DECEASED ACCOUNT.Please advise the guidelines whether claimant is entittled to encash premature payment in term deposits.

    • admin says:

      Thanks Surinder for asking. Quoting from the IBA MOP(Pg 17)
      In the case of term deposits, member banks are advised to incorporate a clause in the account opening form itself to the effect that in the event of the death of the depositor(s), premature termination of term deposits by the survivor(s)/ nominee/ legal heirs would be allowed. The conditions subject to which such premature withdrawal would be permitted may also be specified in the account opening form. Such premature withdrawal would not attract any penal charge

      In case of a term deposit standing in the name/s of –
      (1) a deceased individual depositor, or
      (2) two or more joint depositors, where one of the depositors has died, interest shall be paid in the manner indicated below
      (i) on the maturity of the deposit:
      at the contracted rate
      (ii) In case of premature withdrawal by legal heir(s)/nominee/legal heir , i.e., in the event of the payment of deposit being claimed before the maturity date :
      The bank will pay interest at applicable rate with reference to the period for which the deposit has remained with the bank without charging penalty.
      (iii) In case of deposit being claimed after the date of maturity:
      Payment of interest on matured deposits is left to the discretion of individual banks subject to their Board laying down a transparent policy in this regard.

      We checked HDFC bank website and found HDFC Bank Settlement of Dues in Deceased Deposit Account
      Interest Payable on Term Deposit in Deceased Account
      In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the bank shall pay simple interest at the applicable rate obtaining on the date of maturity, for the period for which the deposit remained with the bank beyond the date of maturity; as per the Bank’s policy in this regard.

      However, in the case of death of the depositor after the date of maturity of the deposit, the bank shall pay interest at Savings Deposit rate (as on the date of maturity) from the date of maturity till the date of payment.

    • admin says:

      Yes he is. Answer to it on the similar question asked

  7. Usually banks refrain in making premature withdrawal(payment) in term deposit account ie FDR in deceased cases.Please advise the guidelines whether nominee or legal heirs of deceased holder is entitled to get premature withdrawal OF FDR RECEIPT.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer : This is an information based website, meant for providing assistance to it's readers. We do not hold any responsibility for mis-information or mis-communication.