PNB locker claim settlement: How claims settlement will work after death of locker hirer – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/save/pnb-locker-claim-settlement-how-claims-settlement-will-work-after-death-of-locker-hirer/articleshow/90116624.cms

Synopsis

PNB has a simplified policy and procedure in place to help with the settlement of claims for deposits, locker contents left in the accounts of the deceased.

Nominating someone for financial products like bank FDs, lockers etc has become crucial; this is especially true when it comes to something like a bank locker. Many bank customers prefer locker facilities offered by banks to store their valuables. When hiring a locker, the hirer can designate a nominee to gain access to the locker in the event of the hirer’s death.

The bank has a streamlined policy and procedure in place to assist in the settlement of claims for deposits, locker contents, and objects in safe custody left with the bank in the accounts of deceased. All claims must be made by submitting a claim form to the account maintaining branch, together with verification of the depositor’s death, stated the Punjab National Bank (PNB) website.

Here is a look at PNB’s claims settlement process in the event of death of the locker hirer.

Claims with nomination
In case where there is a nomination, payment of the amount, delivery of the contents of the locker will be made to the nominee where the deceased account holder has made a nomination. PNB has clarified that payment, delivery of articles to the nominee is made solely as a trustee for the legal heirs, legatee(s) of the deceased customer, and that such payment to the nominee has no bearing on any other person’s right or claim to the money, articles.

On the prescribed form (PNB – 831), the nominee should make a request.

How it works
After valid identification and verification of the locker hirer’s death, the nominee will be granted entry to the locker and will be able to take the contents. The bank would prepare an inventory of the articles in the presence of the nominee(s), two independent witnesses, and one bank officer who is not associated with the locker facility or safe deposit of articles on the Form for taking inventory before allowing the nominee to remove the contents of the Locker (Annexure-II).

Claims without nomination
The legal heirs of the deceased locker hirer will be granted access to the locker and will be able to take the contents. Before allowing the legal heirs to remove the contents of the Locker, the bank would prepare an inventory of the articles on the Form for taking inventory (Annexure-II A) in the presence of the legal heir(s), two independent witnesses, and one bank officer who is not associated with the locker facility or safe deposit of articles.

Claims in joint accounts with Survivorship Clause
When one of the joint account holders dies, the amount in the account is payable to the surviving joint account holders, unless distribution of the balance to the survivor(s) is specified in the related account opening form.

The remaining joint account holder(s) must submit a formal request in this respect, together with the deceased joint account holder’s death certificate (s). It is recommended that the survivor(s) register a new account in his or her own name(s) and request a balance transfer to the new account.

Joint account with nomination
In the event, if one of the joint locker hirers dies, the nominee(s) of the deceased locker holders, along with the surviving joint hirers, will be jointly allowed to access the locker and remove the contents upon presentation of identification and verification of proof of the locker hirer’s death (s).

Joint account without nomination
In the case where all of the joint locker hirer(s) die, the nominee(s) will be allowed to use the locker and remove the contents after establishing identity and verifying proof of the locker hirers’ death.

Claims in accounts where there is no `Nomination` and `Survivorship` Mandate
In such cases, it is required that the claimant(s) must submit a claim on the prescribed Claim Form (PNB 46-47), duly filled out and signed in original by all legal heirs, along with
(a) death certificate in original,
(b) account details, and
(c) legal representation such as Succession Certificate, Letter of Administration, etc. issued by Competent Authority.

Note that claim form should be attested by notary or a magistrate.

Claim with Will
In circumstances when a ‘Will’ has been left by a deceased customer, it should be probated. If Probate is not an option, seek guidance from the branch manager, according to PNB webs
ite.

Claims with missing locker
The nominee, joint account holder, legal heir(s) can submit a written request, along with the following papers, for payment of claim in respect of the missing person’s account/locker, etc.

A copy of the missing person’s FIR and the police’s non-traceability final report, as well as a claim form (PNB 46-47) duly, filled out and signed by the claimant and attested by a notary or Executive Magistrate.

Certified copy of the appropriate court’s ruling, statement that such missing individual is presumed deceased under Section 108 of the Indian Evidence Act, 1872. The death certificate will be replaced by this court order/declaration.

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