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1.3.2 1. Basis for claims On death of depositor/investor Settled on the basis of the following – Nomination – Legal Evidence – Other (No nomination, no.

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Presentation on theme: "1.3.2 1. Basis for claims On death of depositor/investor Settled on the basis of the following – Nomination – Legal Evidence – Other (No nomination, no."— Presentation transcript:

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2 Basis for claims On death of depositor/investor Settled on the basis of the following – Nomination – Legal Evidence – Other (No nomination, no legal evidence up to balance of Rs.1 lac) 1.3.2

3 Basis for claim… Legal Evidence Probate of will Succession Certificate Letter of administration 1.3.2

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5 Savings Accounts Type of Claim caseDocuments required SB- NominationCommon Application : SB – 30 Death certificate (s) Pass books SB- Legal evidenceCommon Application SB -30 Death certificate (s) Legal document Pass books SB- No Nomination & legal evidence Common Application SB -30 Death certificate (s) Pass books Letter of Indemnity Affidavit Letter of disclaimer on affidavit 1.3.2

6 Savings Accounts…Procedure Scrutiny of application Witness necessary ID and Address proof of claimant and two witnesses as per KYC norms

7 Savings Accounts… procedure Enter the particulars in claim register. BPMs are required to keep stock of SB-30 forms. Verification of balance in passbook with reference to S.B Journal 1.3.2

8 Savings Accounts… Sanction is issued on the application only – no separate sanction memo need be issued. If the sanctioning authority is other than Sr.PM/PM/SPM sanction memo is necessary Payment is made obtaining acquittance on the application itself – No separate SB – 7A necessary

9 Power for sanctioning claims (SB, RD,TD,MIS,NSS) AuthorityWith Nomn.Legal evidence Others (New form) T/S SPM1,000 Note: Except C & B class for other SPMs RD/MIS with Nomination ‘No limit’ LSG SPM2,000 MDGNo limit 5,000 HPMNo limit 5,

10 Savings Accounts… For the purpose of limit, the amount as on the date of death of the depositor including interest up to previous financial year

11 Savings Accounts… BPM has to send documents to AO in BO bag duly invoiced in BO daily account Note date of payment in  Specimen signature book  Claim register 1.3.2

12 Miscellaneous information… Post Office should settle the claim within seven working days if claim falls within his financial power If not, forward by service Insured Post on the same day of its receipt Every administrative office will dispose off the case within seven days of the receipt Transmission of claim papers by Insured Post Payment by crossed cheque irrespective of amount 1.3.2

13 Miscellaneous information… Responsibility will be fixed for delay in settlement beyond 7 working days Payment by crossed cheque irrespective of amount Sanction memo will lapse after one year from the date of issue Deposit can be accepted in Recurring Deposit accounts after the death of depositor, but the amount will be paid to the nominee/legal heir only 1.3.2

14 Miscellaneous information… After issue of sanction, the following accounts may be transferred to the name of nominee/legal heir Recurring Deposit Time Deposit 1.3.2

15 exercise Smt Laxmavva died 4 months back in your village. She was having a savings account in which there is balance of Rs. 2500/. Her son Sri. Ramesh came to your office today for enquiring how to get the money from the account. Sri. Ramesh is having a sister who is married and now staying in Bangalore. What are the advise you give for settlement of this claim? What are the documents to be collected ? Who is the authority competent to issue claim sanction? 1.3.2

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