SAVINGS AND DEPOSITS
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-