The bank has implemented a simplified policy and procedure to assist in the settlement of claims for deposits, locker contents and items in custody left at the bank in deceased person accounts. All claims must be made by submitting a claim form at the account holding branch, along with verification of the death of the depositor, the Punjab National Bank (PNB) website said.
Here is an overview of PNB’s claims process in the event of the death of the locker tenant.
Claims with appointment
In the event that there is a nomination, the payment of the amount, the delivery of the contents of the locker will be made to the nominee where the deceased account holder has made a nomination. PNB clarified that payment, delivery of items to the agent is made solely as trustee of the legal heirs, legatee(s) of the deceased client, and that such payment to the agent has no bearing on the right or another person’s claim to money, articles.
On the prescribed form (PNB – 831), the candidate must make an application.
How it works
After valid identification and verification of the death of the tenant of the locker, the candidate will be authorized to enter the locker and can take the contents. The bank will prepare an inventory of items in the presence of the applicant(s), two independent witnesses, and a bank officer who is not associated with the locker or safe deposit of items on the inventory form prior to authorize the candidate to remove the contents of the Locker (Appendix-II).
Claims without nomination
The legal heirs of the deceased locker lessor will have access to the locker and will be able to take its contents. Before allowing the legal heirs to remove the contents of the Locker, the bank would draw up an inventory of the objects on the Inventory Form (Annex-II A) in the presence of the legal heir(s), two independent witnesses, and a bank officer that is not associated with the locker or drop-off safe.
Claims in Joint Accounts with Survival Clause
In the event of the death of one of the co-holders, the amount of the account is acquired by the surviving co-holders, unless a distribution of the balance to the survivor(s) is specified in the corresponding account opening form. .
The remaining joint holder(s) must submit a formal request in this regard, together with the death certificate(s) of the deceased joint holder. It is recommended that the survivor(s) register a new account in their own name(s) and request a balance transfer to the new account.
Joint account with appointment
In the event of the death of one of the co-tenants of lockers, the authorized representative(s) of the deceased co-tenants, as well as the surviving co-tenants, will be jointly authorized to access the locker and to remove the contents upon presentation of an identity document and verification of proof of death of the locker tenant(s).
Joint account without appointment
In the event that all common locker tenants die, the applicant(s) will be permitted to use the locker and remove the contents after establishing the identity and verifying proof of death of the locker tenants.
Claims in accounts where there is no “Nomination” and “Survivorship” mandate
In such cases, it is necessary for the claimant(s) to submit a claim on the prescribed claim form (PNB 46-47), duly completed and signed in original by all legal heirs, together with
a) original death certificate,
(b) account details, and
(c) legal representation such as a certificate of succession, letter of administration, etc. issued by the competent authority.
Note that the claim form must be attested by a notary or magistrate.
Claim with will
In cases where a “will” has been left by a deceased client, it must be probated. If probate is not an option, seek advice from the branch manager, according to the PNB website.
Claims with missing record
The proxy, joint account holder, legal heir(s) may submit a written request, together with the following documents, for payment of the claim regarding the missing person’s account/record, etc.
A copy of the missing person’s FIR and final police untraceability report, as well as a claim form (PNB 46-47) duly completed and signed by the claimant and witnessed by a notary or Executive Magistrate.
Certified copy of the relevant court order, declaration that the missing person is presumed dead under Section 108 of the Indian Evidence Act 1872. The death certificate will be superseded by this court order/declaration.