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Claiming money from a deceased person’s account in India requires following certain procedures.
Nomination streamlines the procedure and requires less documentation.(News18 File Photo)
Banks and government programs like Post Office Savings Schemes and financial institutions in India have the right processes in place to resolve claims from a deceased account or certificate holder. Depending on the circumstances, these claims may be processed by nomination, specific paperwork in cases lacking nomination, or legal evidence.
A nominee, legal heir, or other eligible party may claim the money of an account or certificate holder upon their death. The procedure differs according to the availability of legal documents, the amount of the deposit, and whether a nomination was made.
There are three primary methods for resolving a claim:
Nomination: The quickest and most simple approach, in which the nominee files a claim with the minimum amount of supporting documents.
Legal Evidence: Necessary in cases involving a letter of administration, a succession certificate, or a will.
Without nomination (up to Rs 5 lakhs): Without a nominee, special affidavits and indemnification paperwork are required, with a six-month waiting time.
Without Nomination (more than Rs 5 lakh): A succession certificate is required for claim settlement without a nominee.
How and when to choose a nominee
A nomination may be made when a certificate or account is opened, or at any time while it is in effect. The accountholder fills out a nomination form at the Post Office with the candidate’s name, relationship, address, and, in the case of minors, the guardian’s information to add or modify a nominee.
For Nomination: What is the claim process
– Form SB-84 for Post Office Savings Schemes is one example of a nomination claim that may be obtained from the post office or their website.
– It is necessary to produce an original death certificate or an attested copy that has been issued by the registrar of deaths or a municipal corporation.
– KYC paperwork includes evidence of address, PAN, nominee Aadhaar, and a recent photo.
– Go to the post office that holds the account. Send in the filled-out claim form and supporting documentation. The identification and nomination data are confirmed by the postal service.
For Legal Evidence: What is the claim process
A will or other legal documents, such as a succession certificate, letter of administration, or probate of will, may be used to process the claim if the deceased left one.
To file a claim, send the claim form, an original or attested copy of the death certificate, and the accompanying documents. The required documents include legal proof, probate of will, letter of administration, succession certificate, and KYC documents for the claimant(s).
The claim should be made to the appropriate post office. Once verified, the funds will be given to the lawful heirs or executors specified in the legal documents provided.
Without nomination (up to Rs 5 Lakh): How to claim?
The following documents need to be sent to the post office six months after the depositor’s death date to start a claim without a nomination (up to Rs 5 lakh):
– Claim Form and original or attested copy of the Death Certificate
– Annexure-I (Letter of Indemnity)
– Annexure-II (Affidavit):
– Annexure-III (Letter of Disclaimer on Affidavit)
– KYC documents of the applicant.
The post office can settle the claim if all of these documents have been filed and validated.
Without nomination (above Rs 5 Lakh): How to claim
A succession certificate is required if there is no nomination and the deposit exceeds Rs 5 lakh. The legal heirs and their proportionate portions are listed in this court-issued document.
If there is no will or nomination, you can seek a succession certificate from a civil court to claim deposits. The death certificate, deposit information, and documentation of your relationship to the deceased must be submitted for this. Send the claim form, the original or attested copy of the death certificate, and the KYC papers to the post office as soon as the court provides the succession certificate. These records will be utilised to validate the claim and make the money available.
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