Settlement of Fixed Deposit account holder of Deceased..

Question:  What are the Settlement Producer of Fixed Deposit account holder of Deceased..?

Answer:

Settlement of accounts of Fixed deposit deceased constituents is as under:

(1) If the account is a joint account, the surviving depositor may approach                                     the Bank for settlement or for further operation.

(2) In case, the deceased person has left any will, the claimants may approach the                    Bank,  where the account is maintained , for settlement of balances in the accounts                        of the deceased based on the will.

(3)  In case no will is left or / no nomination has been registered, then                                          

The claimants have to approach the Bank where the deposits are maintained

as under:

(A)  Copy of FD Deposit Holder death certificate

(B)  Latest legal heirship certificate for the deceased.

(C)  A letter advising the death of the deposit account holder and requesting for settlement of the deposits.                                                                                        

Bank will settle the balances based on affidavit cum indemnity basis

Whereby one  or  two independent sureties  who are NOT related to the deceased or / to the claimants  will be obtained  and on obtaining indemnity from all the claimants, the balances will be settled to the claimants.

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