Legal Question in Banking Law in Pakistan
As per SBP directives funds upto Rs.100,000/- lying in deceased bank account can be released to legal heirs against Bond of Indemnity favoring bank without obtaining Court's Succession Certificate. Please advise as to how bank would know actual total number of legal heirs of deceased because an instance has occurred where after release of funds by the bank other legal heirs approached the bank demanding their share in deceased's funds.
Asked on 6/12/12, 8:09 pm
1 Answer from Attorneys
Salman Khan
International Lawyer
If any such incident happens.. you can initiate proceedings against persons informing the bank wrongly.. Bank can demand family registration certificate of the deceased along with death certificate before releasing funds.. For more do consult me at [email protected]
Regards,
Answered on 6/12/12, 11:00 pm
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