In case nom­i­na­tion is in place for sav­ings ac­counts, fixed de­posits, postal de­posits and small sav­ings schemes, the nom­i­nee needs to sub­mit a claim along with the death cer­tifi­cate and her own KYC de­tails. If there is no nom­i­na­tion, but there’s a Will, the ex­ecu­tor needs to get a pro­bate from a court.

Once the court ap­proves the pro­bate, the bank will re­lease the as­sets as per the Will.

In a sce­nario where nei­ther nom­i­na­tion nor Will is left be­hind, the bank will first as­cer­tain that the per­son died in­tes­tate or with­out a Will, and then the le­gal heirs can sub­mit a claim for the as­sets. The le­gal heirs who don’t take the pro­ceeds need to sub­mit a dis­claimer that they do not ob­ject to the pro­ceeds be­ing handed over to oth­ers. Le­gal heirs get­ting the as­sets need to sign an in­dem­nity, a le­gal dec­la­ra­tion that the bank will not be li­able in fu­ture in case of a dis-

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