Friday, June 08, 2012

Deceased Claims Settlement Process


Features of Deceased Claims Settlement Process Related to Deposit Accounts
1.                Submit prescribed Application Form G-64 (Revised) indicating details of deceased person’s assets and liabilities and family declaration of the deceased (i.e. fill in details from Page-1 to Page-7 of G-64 (Revised) Application Form to the branch.
2.                An affidavit to be affirmed by the claimant(s), other legal heir(s) of the deceased to be executed on Non-judicial Stamp Paper of requisite value duly affirmed before a Metropolitan / 1st Class Magistrate or a Notary Public or any authority duly authorized to affirm or to take affidavit on oath as mentioned in Page-8 of G-64 Form.
3.                If there is nomination to the Deposit Account, particulars mentioned in Page-18 of G-64 (Revised Form) has to be filled up and submitted to the branch.
4.                If the Nominee desires for Settlement of Claims without production of relevant Passbooks / Deposit Certificate / Safe Custody Receipts and Locker Keys etc., than proforma of Indemnity has to be signed by the Nominee and the Indemnities as mentioned in Page-19 of G-64 (Revised) Form on a Stamp Paper of requisite value. This has to be submitted to the branch.
5.                If the Settlement of Deceased Claim amount is less than Rs.2 lac, then Proforma of Application / Indemnity for Settlement of Deceased Claim is mentioned in Page-21 of G-64 (Revised) Form. This has to be submitted to the branch.
6.                Settlement of claims in deceased depositor accounts will be only against indemnity furnished by legal heirs. No surety is required upto claim amount of Rs.50,000/-.
7.                Claim in accounts with Nomination Facility or Joint Account with operational mandates like E or S, there is no need to furnish indemnity irrespective of claim amount involved.
8.                If there is no nomination to the account, then proforma of Indemnity to be executed by claimants, legal heirs, sureties to be executed on non-judicial stamp paper of requisite value is mentioned in Page-12 of G-64 (Revised) Form. This has to be submitted to the branch.
9.                Produce attested copy of the death certificate issued by the appropriate authority (produce original death certificate for verification and the same will be returned after verification by the branch).
10.              Payment of Settlement of Claim will be made by Pay Order or Credit to account after due verification of records and the field level enquiries by the branch officials as per the extant guidelines of the bank.
11.              After submission of all required relevant documents, the time limit for Settlement of Claim is within 15 days from the date of final submission to the branch in case of accounts having nomination facility and 30 days in case of accounts which do not have nomination facility.
For any further details, please contact the Manager / Senior Manager/ Chief Manager at your nearest branch of UCO Bank.

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