Settlement of Claims Pertaining to Deceased / Missing Customers
Bank has a simplified, transparent, and customer-centric policy in line with RBI Directions 2025 (Chapter VII) to settle claims related to deposits, safe deposit lockers, and articles in safe custody promptly and hassle-free.
Settlement Timeline
The Bank shall settle claims within 15 calendar days from receipt of all required documents from claimants.
How to Lodge Claim
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Online: Through Death Claim Settlement Portal (under Online Services on Bank’s website). Login via mobile OTP, upload documents, get Track ID (CSAR No.).
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Offline: Lodge at any branch of the bank and that branch will send document to account-maintaining branch which will process the claim.
Settlement of claim in joint accounts with survivorship clause
In a joint account where payment of balance to the survivor(s) is provided in the related account opening form, upon the death of one of the joint account holders, the balance in the account will be payable to the surviving joint account holders.
The surviving joint account holder(s) is/are required to make a written request in this regard, along with the death certificate of the deceased joint account holder(s). It is suggested that the survivor(s) should open new account in his / their name(s) and request for transfer of balance to the new account.
Settlement of claims on the basis of nomination
In the deposit account / locker where the deceased account holder has made a nomination, payment of the balance amount / delivery of the contents of the locker shall be payable to the nominee. It is clarified that payment / delivery of articles to the nominee is made only as a trustee of the legal heirs / legatee(s) of the deceased customer i.e. such payment given to the nominee shall not affect the right or claim which any person may have in that money / articles.
Claims with valid nomination or survivorship clause shall be settled by paying the nominee or survivor after verifying identity and death certificate.
Settlement of claim in accounts without Nomination/ Survivorship mandate
Bank has adopted simplified procedure for settlement of claims in respect of deposit accounts where the aggregate amount payable, including accrued interest, as on the date of the application is less than Rs.15.00 lakh, provided:
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a deceased depositor(s) had not made any nomination or in case of a joint account, the account was without nominee / survivorship clause,
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there is no Will left behind by the deceased depositor(s),
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there is no contesting claim, and
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there is no order from a competent court in the knowledge of the bank, restraining the claimant(s) from receiving nor the bank from making the payment.
a.Claim amount up to the threshold limit
Claim up to the threshold limit is to be settled based on
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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;
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Death certificate of the deceased depositor(s);
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Officially Valid Document of the claimant(s) towards verifying his/ her identity and address;
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Bond of indemnity, as given in Annex I-C, signed by the claimant(s);
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Letter of disclaimer/ no objection, as given in Annex I-D, from non-claimant legal heir(s), if applicable; and
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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.
No bond of surety from a third-party is to be insisted in case of claims up to the threshold limit.
b. Claim amount above the threshold limit
In cases where claim amount is above the threshold limit, claim shall settle based on
i.Succession Certificate and documents mentioned at (i) to (iii) above;
OR
ii.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.
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In such cases, the branch will call for the documents at clauses (i) to (v) above,
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The branch may also call for a bond of surety, as given in Annex I-C, from third-party individuals (which may include non-claimant legal heir(s)) who are acceptable to the bank and good for the claim amount.
In rural branches located in far flung areas and also far away from the city, in claim cases of the amount not exceeding Rs.50000/-, need not insist upon attestation of the claim form by Notary or Magistrate and the claimant be asked to obtain and submit a Certificate from Sarpanch or other equivalent authority, as the branch may deem proper besides verifying the fact of death and about the legal heirs of the deceased.
Claim based on `Will`
In cases where a deceased depositor has left behind a Will, it should be probated. If probate is not feasible, contact the branch manager for advice.
Settlement of claim where an account holder / locker hirer has been missing for the last seven years or more.
Banks can settle claims for missing account holders or locker hirers without a court order under two specific categories based on time elapsed and claim value.
Missing for 7 Years or More
- Claim Limit: Up to Rs.5.00 lakh.
- Eligibility: Claimants must be Class-I legal heirs.
- Court Order: Not required for the presumption of death.
Missing for Less Than 7 Years
- Claim Limit: Up to Rs.2.00 lakh.
- Time Condition:Minimum of 2 years must have passed since filing the FIR.
- Court Order:Not required.
Required Documents (Same for Both Cases)
- Request letter with factual details and a completed claim form.
- Copy of the FIR and a final non-traceability report.
- Indemnity bond and an affidavit confirming no ongoing court disputes regarding the missing person.
Settlement Matrix: With vs. Without Nomination
A. Deposits with Nomination
| Sr. No. |
Nature of Account |
Single Depositor |
Joint A/c
(Operated Jointly) |
Joint A/c
(Either or Survivor) |
Joint A/c
(Former / Latter or Survivor) |
Joint A/c
(Anyone or Survivors) |
| A |
Savings / Current A/c / Term Deposit Account |
Nominee(s) |
I. On death of one depositor – Legal Heirs of deceased + Survivors
II. On death of all depositors – Nominee(s)
|
I. On death of one depositor – Survivor
II. On death of both depositors – Nominee(s)
|
I. On death of Former / Latter – Survivor
II. On death of both depositors – Nominee(s)
|
I. On death of one or more depositor(s) – Survivor(s)
II. On death of all depositors – Nominee(s)
|
B. Deposits without Nomination
| Sr. No. |
Nature of Account |
Single Depositor |
Joint A/c
(Operated Jointly) |
Joint A/c
(Either or Survivor) |
Joint A/c
(Former / Latter or Survivor) |
Joint A/c
(Anyone or Survivors) |
| A |
Savings / Current A/c / Term Deposit Account |
Legal Heirs or person mandated by them |
I. On death of one depositor – Legal Heirs of deceased + Survivors
II. On death of all depositors – Legal Heirs of all the depositors
|
I. Survivor
II. On death of both depositors – Legal Heirs of all the depositors
|
I. Survivor
II. On death of both depositors – Legal Heirs of all the depositors
|
I. On death of one or more depositor(s) – Survivors
II. On death of all depositors – Legal Heirs of all the depositors
|
Downloadable / Available Forms & Documents
| Claim Form – With Nomination / Survivorship |
| Claim Form – Without Nomination |
| Bond of Indemnity |
| Letter of Disclaimer / No Objection |
| Declaration / Affidavit |
| Inventory Forms (Lockers & Safe Custody) |
| Power of Attorney Formats (Deposits & Lockers) |
| Full List of Documents & Formats |
For any help / further details, please contact the Branch Manager.