Legal Question in Banking Law in Pakistan
As per State Bank of Pakistan directives issued vide CPD Circular Letter # 1 of 2012, banks can release funds upto Rs.100,000/- lying in deceased account to legal heirs against Bond of Indemnity from the legal heirs of the deceased account holders/beneficiaries of instrument along with two personal guarantees.This will also be accompanied by application from all the legal heirs. The question is that in most of the cases legal heirs of deceased nominate any one of legal heir and issues NOC in his/her favour so that he/she could receive entire deceased's amount from bank then as to how application to release funds can be obtained from all legal heirs.
Asked on 6/12/12, 7:57 pm
1 Answer from Attorneys
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