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The Reserve Bank of India (RBI) has directed banks not to insist on the production of legal documents where an account was opened with a survivorship clause and has nominees or survivors. In such cases, banks are only required to obtain a claim form, the death certificate, and an officially valid document of the nominee or survivor.
“Lenders shall adopt a simplified procedure for the settlement of claims in deposit accounts where a deceased depositor had not made any nomination or in cases of joint accounts without a nominee or survivorship clause, keeping in view the imperative need to avoid inconvenience and undue hardship to the claimant or legal heir. For settlement of such claims, a bank, based on its risk management systems, shall fix a threshold limit, subject to a minimum of ₹15 lakh,” the RBI said.
However, in cases where the claim amount exceeds the threshold, the bank will require a succession certificate or legal heir certificate. Further, banks shall obtain an appropriate agreement or authorisation from the nominees, survivors, or legal heirs regarding the treatment of pipeline flows in the name of the deceased account holder to avoid hardship.
Additionally, banks must include a clause in the account opening form stating that, in the event of the death of the depositor, premature termination of term deposits will be allowed without any penal charges, even if the deposit is within the lock-in period.
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