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Settlement of Death Claim

Death of a person is a turbulent period, both mentally and financially, for the members of the bereaved family. Speedy disposal of claim petitions of deceased depositors would be a solace to the legal heirs/nominee/survivor of the deceased depositor. We at Bank of Baroda cannot claim to ease away all the pain of your grieving process, but we can and will help you to ease some of processes related to this unfortunate event.

Time norms:-

Bank will settle the claims in respect of deceased depositors and release payment to survivor (s)/ nominee in case of accounts with survivor/ nominee within a period not exceeding -15- days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claimant(s) to the bank’s satisfaction. In the case of accounts without survivor/ nominee clause the claim should be settled within 1 month from the date on which all the requisite documents have been submitted.

Please note: For quick disposal of claim, complete and legitimate information is required to be submitted. In case of false and incomplete submission of information claim can be rejected.

Information on Settlement of claims in various types of accounts/ facilities:-

  • With Nomination
    A/c holding type Account type Mode of Operation Propositions Documents required Premature Closure condition (TD accounts)
    Single Account in name of A Savings, Current , Term Deposits Singly A deceased Balance will be payable to Nominee
    • Proof of death of customer
    • Request form from claimant Identity proof of claimant (such as Election ID Card, PAN Card, Passport, Aadhaar Letter, etc.)
    		 Premature termination of term deposit account as per terms of contract will be permitted at the request of the nominee.
    Single Account in name of A Safe Deposit Lockers Singly A deceased Nominee will be allowed to access the locker and remove the contents after due identification
    • Proof of death of customer
    • Request form from claimant Identity proof of claimant (such as Election ID Card, PAN Card, Passport, Aadhaar Letter, etc.)
    		 --
    Single Account in name of A Safe Custody Article Singly A deceased Safe custody article/s will be delivered to the nominee after identification
    • Proof of death of customer
    • Request form from claimant Identity proof of claimant (such as Election ID Card, PAN Card, Passport, Aadhaar Letter, etc.)
    		 --
    Joint Account in name of A & B Savings, Current , Term Deposits Jointly Any of A or B deceased balance outstanding will be paid jointly to survivor(s) and the legal heirs of the deceased joint account holder (or any of them as mandated by all the legal heirs)
    • Proof of death of depositor i.e. copy of death certificate of depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer(Duly stamped & Notarised) Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form ( Form No.33 Revised)
    		 In the event of death of one (or more but not all) of the joint account holders, premature termination will be permitted against joint request of the survivor(s) and the legal heir(s) (or any one of them as mandated by all legal heirs) as per the terms of contract on verification of identity of the legal heirs and proof of death of depositor.
    Joint Account in name of A & B Savings, Current , Term Deposits Jointly A & B both are deceased Balance will be payable to Nominee
    • Proof of death of customer
    • Request form from customer
    • Identity proof of claimant (such as Election ID Card, PAN Card, Passport, Aadhaar Letter, etc.)
    		 Premature termination of term deposit account as per terms of contract will be permitted at the request of the nominee.
    Joint Account in name of A & B Savings, Current , Term Deposits Either or Survivor/ Former or Survivor/ Anyone or Survivors/ Later or Survivors Any of A or B deceased Balance outstanding will be paid to survivor (s) on verification of proof of death of the depositor
    • Proof of death of depositor i.e. copy of death certificate of depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer(Duly stamped & Notarised) Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form ( Form No.33 Revised)
    		 In the event of death of one (or more but not all) of the depositors, the survivor(s) will have the right to seek premature termination of term deposit account as per the terms of contract on verification of proof of death of the depositor
    Joint Account in name of A & B Savings, Current , Term Deposits Either or Survivor/ Former or Survivor/ Anyone or Survivors/ Later or Survivors A & B both are deceased Balance outstanding will be paid to the nominee on verification of his/her identity
    • Proof of death of customer
    • Request form from customer
    • Identity proof of claimant (such as Election ID Card, PAN Card, Passport, Aadhaar Letter, etc.)
    		 Premature termination of term deposit account as per terms of contract will be permitted at the request of the nominee.
    Safe deposit Locker in name of A & B Safe Deposit Locker Jointly Any A or B deceased Joint locker hirers & the nominee(s) will be jointly allowed to access the locker and remove the contents on identification and verification of proof of death of the locker hirer(s) along with the surviving hirer(s).
    • Proof of death of customer
    • Identity proof of nominee
    		 ---
    Safe deposit Locker in name of A & B Safe Deposit Locker Jointly A & B both are deceased Nominee(s) will be allowed to access the locker and remove the contents on establishing his/her/their identity and verification of proof of the death of the hirers.
    • Proof of death of customer A & B
    • Request form from claimant Identity proof of claimant (such as Election ID Card, PAN Card, Passport, Aadhaar Letter, etc.)
    		 ---
    Safe deposit Locker in name of A & B Safe Deposit Locker Either or Survivor/ Former or Survivor/ Anyone or Survivors/ Later or Survivors Nomination is not allowed in Lockers with these operating instructions
  • Without Nomination
    A/c holding type Account type Mode of Operation Propositions Documents required Premature Closure condition (TD accounts)
    Single Account in name of A Savings Current Term Deposits Singly A deceased Balance outstanding will be paid to the legal heirs (or any one of them as mandated by all of the legal heirs)
    • Proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer (Duly stamped & Notarised) Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		 Premature termination will be permitted on joint request by all legal heirs (or any of them as mandated by all the legal heirs) as per the terms of the contract.
    Safe Deposit Locker in single name A Safe Deposit Locker Singly A deceased Legal heir(s) of the deceased locker hirer or a person mandated by the legal heir(s) will be allowed to access the locker and remove the contents
    • Proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
  • Letter of Disclaimer (Duly stamped & Notarised) Annexure-A,
  • Letter of Indemnity (Duly stamped) Annexure-C
  • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		•  ---
    Joint Account in name of A & B Savings Current Term Deposits Jointly Any of A or B deceased In the event of death of one (or more but not all) of the joint account holders, the balance outstanding will be paid jointly to the survivor(s) and the legal heir(s) of the deceased joint account holders (or any of them as mandated by all the legal heirs)
    • Proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer (Duly stamped & Notarised) Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		 In the event of death of one (or more but not all) of the joint account holders, premature termination will be permitted against joint request by the survivor(s) and the legal heir(s) of all the deceased depositors (or any one of them as mandated by all legal heirs) as per the terms of contract on verification.
    Joint Account in name of A & B Savings Current Term Deposits Jointly A & B both are deceased The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all of the legal heirs) on verification
    • proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer (Duly stamped & Notarised) Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		 In the event of death of one (or more but not all) of the joint account holders, premature termination will be permitted against joint request by the survivor(s) and the legal heir(s) of all the deceased depositors (or any one of them as mandated by all legal heirs) as per the terms of contract on verification
    Joint Account in name of A & B Savings Current Term Deposits Either or Survivor/ Former or Survivor/ Anyone or Survivors/ Later or Survivors Any of A or B deceased balance outstanding will be paid to survivor (s) on verification of proof of death of the depositor
    • Proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer (Duly stamped & Notarised) Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		 In the event of death of one (or more but not all) of the depositors premature termination will be allowed against request from surviving depositor(s) as per the terms of the contract on verification of the proof of the death of the depositor
    Joint Account in name of A & B Savings Current Term Deposits Either or Survivor/ Former or Survivor/ Anyone or Survivors/ Later or Survivors A & B both are deceased The balance outstanding will be paid to the legal heirs (or any one of them as mandated by all of the legal heirs)on verification
    • proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer (Duly stamped & Notarised) Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		 In the event of death of all joint depositors, premature termination will be permitted against joint request by all legal heirs of the deceased depositors (or any one of them as mandated by all the legal heirs) as per the terms of contract.
    Safe Deposit Locker in joint name A & B Safe Deposit Locker Jointly Any A or B deceased the surviving hirer(s) and legal heirs of the deceased hirer (or a person mandated by them) would be allowed to access the locker and remove the contents 1.Proof of death of hirer 2.Verification of legal heir ---
    Safe Deposit Locker in joint name A & B Safe Deposit Locker Jointly A & B both are deceased All the legal heirs (or any one of them as mandated by all legal heirs) would be allowed to access the locker and remove the contents
    • Proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer(Duly stamped & Notarised)Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		 --
    Safe Deposit Locker in joint name A & B Safe Deposit Locker Either or Survivor/ Former or Survivor/ Anyone or Survivors/ Later or Survivors Any of A or B deceased surviving hirer(s) will be allowed to access the locker and remove the contents Proof of death of depositor ---
    Safe Deposit Locker in joint name A & B Safe Deposit Locker Either or Survivor/ Former or Survivor/ Anyone or Survivors/ Later or Survivors A & B both are deceased All the legal heirs of the deceased joint hirers (or any one of them as mandated by all legal heirs) would be allowed to access the locker and remove the contents
    • Proof of death of depositor i.e. copy of death certificateof depositor,
    • Photograph & KYC of
      1. all claimant(s)/legal heirs,
      2. Person furnishing declaration,
    • Letter of Disclaimer(Duly stamped & Notarised)Annexure-A,
    • Letter of Indemnity (Duly stamped) Annexure-C
    • Declaration as per point no.5 in application form. (Form No.33 Revised)
    		 --
  • Download Applications & Various Forms
    List of Annexures
    1 Application for Deceased Claim (Annexure-2) Download
    2 Letter of Disclaimer (Annexure A) Download
    3 Affidavit format (Annexure B) Download
    4 Letter of Indemnity (Annexure C) Download
    5 Application Form for Settlement of Claim articles in safe deposit locker and safe custody (Form 33) Download
    6 Form of Inventory of Contents of Safe Deposit Locker with Nomination or survivorship clause (Annexure 3) Download
    7 Form of Inventory of Contents of Safe Deposit Locker without Nomination or survivorship clause (Annexure E) Download
    8 Form of Inventory of articles left in Safe Custody with banking company with Nomination (Annexure 4) Download
    9 Form of Inventory of articles left in Safe Custody with banking company without Nomination (Annexure F) Download
    10 Opinion Report (Annexure D) Download
    11 Letter of Indemnity in respect of articles kept in safe deposit (Annexure G) Download
    12 Letter of Indemnity for missing person presumed to be dead (Annexure H) Download
    13 Advantages of Nomination facility and clarifications in Nomination Rules (Annexure 1) Download
    14 Settlement of Claims in Various types of Operational instructions Deposits (Annexure-1a) Download
    15 Provisions of Law regarding Legal heirs (Annexure-1b) Download
  • Settlements of claims upto threshold limits i.e. Rs.2 lacs (two lacs)

    Outstanding Balance aggregating all accounts, value of contents in locker/articles kept in safe custody does not exceed Rs. 2 Lacs.

    For More Details Please Click Here

  • Settlements of claims above threshold limits i.e. Rs.2 lacs (two lacs)

    For More Details Please Click Here

  • Additional guidelines for Non-Resident Depositor / Claimant

    For More Details Please Click Here

  • Guidelines in case of missing person upto threshold limit and above threshold limit i.e 2 Lakhs

    For More Details Please Click Here

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