Legal Question in Banking Law in India

Sucession Certificate
My name is--name removed---name removed-- my daughter expired one year ago, and she has Rs 1.20 lakh deposited in her accoun and their is no nominee. The bank saying amount exceess of 01 lakh requires succesion certificate. please suggest whether its really required or an affidafit will service the purpose as she was unmarried.

Asked on 12/29/08, 1:46 am

5 Answers from Attorneys

Homi Maratha N.N. Maratha & Co.-Advocates

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Re: Sucession Certificate

No you have to produce a succession certificate.

Answered on 12/29/08, 2:31 am

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Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: Sucession Certificate

A succession certificate is usually required for claiming immovable property. The bank may release the money on the basis of 'idemnity bond' to be executed by legal heirs. However, depending upon your area, you may also approach the appropriate authorities for a Letter of Administration which may entitle you to claim the money in your deceased daughter's account.

Answered on 12/29/08, 4:49 am

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J. Radhakrishnan independent Practice

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Re: Sucession Certificate

Each Bank has its internal guidelines for settlement of deceased accountholders' funds with it. If a Bank requires succession certificate in respect of a deposit of Rs.1 Lakh or more, it has to be complied with. Discretion lies with it to settle the claim on affidvit cum indemnity basis which cannot be compelled by the heirs of an account holder.

Answered on 12/29/08, 7:27 am

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