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Policy for Settlement of Claims of Deposits of deceased depositors -
Of The Punjab Maharashtra Co-operative Bank Ltd.

Based on the comprehensive guidance from the IBA and the circulars on settlement of claims to Nominees/Legal heirs of deceased depositors issued by RBI from time to time, detailed policy guidelines for settlement of claims of deceased depositors & safe deposit locker hirers, have been formulated. This policy aims at removing hardships faced in settlement of claims by nominees/legal heirs of deceased depositors & safe deposit locker hirers.

Accounts are Settlement of claim can be for accounts with Nomination or Survivors i.e. Joint Account holders.

Nomination/Survivor Claims

Nomination is an ideal tool to circumvent the hardships to legal heirs, at the time of settlement of claims, on death of the account holder. Whilst nomination is optional for customers, it would be ideal to ensure that while opening the account, prospective customers get briefed on this facility and become aware of the benefits arising therefrom.

All account holders are being advised about the availability of the nomination facility while opening an account, by the branches proactively. They also give operational guidance of opening “Either or Survivor” and such other survivorship accounts.

It should be clearly understood by the depositors / safe deposit locker hirers that, the nomination is solely for the purpose of simplifying the process of settlement of claims of deceased depositors and nomination facility does not take away the rights of legal heirs, on the estate of the deceased.

In such cases, payment to the survivor(s) / nominee of the deceased depositors will be made without insisting on production of succession certificate, letter of administration or probate, etc., or obtaining any bond of indemnity or surety from the survivor(s)/nominee, irrespective of the amount standing to the credit of the deceased account holder.

The documents to be submitted are:

  1. Death Certificate
  2. Claim Application (Appendix 14) Appendix 14.doc
  3. Receipt (To be obtained from the Nominee-Major or Minor / Administrator) – (Appendix 15) Appendix 15.doc
  4. Acknowledgement of Gold ornaments/Shares etc.- Appendix 12 Appendix 12.doc

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