It has become important to enroll one for financial products like bank FDs, lockers etc.; This is especially true when it is a .
When it comes to something like a bank locker . Many bank customers prefer the locker facilities offered by banks to store their valuables. While renting a locker, in the event of the death of the tenant, the renter can designate a nominee to gain access to the locker.
The Bank has a well-established policy and procedure to assist in settlement of claims of deposits, locker contents and safe custody items left with the Bank in the accounts of the deceased. According to the Punjab National Bank (PNB) website, all claims must be made by submitting a claim form to the account maintenance branch along with verification of the death of the depositor.
Here is a look at the claim settlement process of PNB in the event of death of the locker tenant.
In the event of nomination being claimed along with the
nomination, the payment of the amount, contents of the locker shall be made to the nominee where the deceased account holder has made the nomination. PNB has clarified that payment, delivery of goods to the nominee is made solely as a trustee for the legal heirs of the deceased subscriber, the heir(s), and the right of any other person to such payment to the nominee or has no bearing on the claim. Money, articles.
The nominee should make the request on the prescribed form (PNB-831).
How it works
After valid identification and verification of the death of the locker tenant, the nominee will be allowed to enter the locker and take away the contents. The Bank shall prepare a list of items not attached to the locker facility or safe deposit of the items in the presence of the nominee(s), two independent witnesses, and a bank officer, before allowing the nominee(s) to take the list. To remove the contents of the locker (Annexure-II).
Claims without nomination The
legal heirs of the deceased locker tenant will be given access to the locker and will be able to collect the contents. Before legal heirs are permitted to remove the contents of the locker, the bank shall require the legal heir(s), two independent witnesses, and a bank officer not attached to the locker facility or the safe deposit of the items.
Claims in Joint Accounts with Survival Clause
When one of the joint account holders dies, the amount in the account is payable to the surviving joint account holders, unless the distribution of balance to the survivor is specified in the respective account opening form goes.
The remaining joint account holder(s) will have to submit a formal request in this regard along with the death certificate of the deceased joint account holder. It is recommended that the survivor register a new account in his/her own name and request balance transfer to the new account.
Joint account with nomination
If one of the joint locker tenants dies, the nominees of the deceased locker holders, along with the surviving joint tenants, will be allowed to use the locker jointly and on production of identity and verification Content will be allowed to be removed. Proof of death of the locker tenant.
Joint account without nomination
In a case where all the joint locker tenants die, the nominee will be allowed to use the locker and remove the contents after establishing the identity and verifying the proof of death of the locker tenants.
Claim in accounts where there is no ‘Nomination’ and ‘Survival’ order
In such cases, it is necessary that the claimant(s) will have to submit the claim on the prescribed claim form (PNB 46-47), duly signed by all the legal heirs. Filled out and signed in original.
(a) death certificate in original,
(b) account statement, and
(c) legal representation such as succession certificate, administration letter, etc. issued by the competent authority.
Note that the claim form must be attested by a notary or magistrate.
Will. The claim along with the
circumstances when a ‘Will’ has been left by a deceased customer should be investigated. If probate is not an option, seek guidance from the branch manager, according to PNB’s website.
Loss of Locker Claim
Nominee, joint account holder, legal heir, can submit a written request along with the following documents for payment of claim in respect of missing person’s account/locker etc.
A copy of the missing person’s FIR and non-traceable final police report, as well as the claim form (PNB 46-47), duly filled in and signed by the claimant and attested by a notary or executive magistrate.
Certified copy of the judgment of the appropriate court, statement that such missing person is presumed dead under section 108 of the Indian Evidence Act, 1872. The death certificate shall be replaced by the order/declaration of this court.
