Procedure For Making A Claim

The procedure for making a claim differs for different kinds of accounts held with the bank. 

Savings/Current Account/Fixed Deposit

In case of the death of a customer where the account had a single holder, the proceeds are paid to the nominee. In such a case, the nominee has to provide proof of death of the holder and the nominee’s identity proof. In the case of the first holder expires in a joint account, the proceeds are paid to the second account holder. The bank will take proof of the death of the first holder to process such a claim. In case the second account holder expires, the first holder can approach the bank to remove the name of the second account holder by providing proof of death. In case of the death of all holders in a joint account, the balance is paid to the nominee. In case there is no nomination in the account, the proceeds are issued in favor of the legal heir. In this case, the proof of the legal inheritance will have to be submitted to the bank. 

Safe deposit lockers

In the case of the death of one of the joint holders in a locker, the other joint holder and the nominee will be jointly allowed to access the locker and remove the content. In case of the death of all holders, the nominee is allowed to access the locker. The nominee will be required to provide his/her proof of identity as well as proof of the death of the account holder. However, in case there is no nomination facility, the legal heir can access the locker and remove the content. In this case, the bank will verify the proof of inheritance.  In all cases, the bank will make an inventory list of items inside the locker and record the same. 

After learning all the things related to nominations in bank accounts, the first thing Satish did was to visit his branch and sign a nomination form for his savings account and fixed deposit. He felt peaceful that in his absence, his mother would be able to use his money to run the family.