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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)

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Basis for claim…

Legal Evidence• Probate of will• Succession Certificate• Letter of administration

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Savings Accounts

Type of Claim case Documents required

SB- Nomination Common Application : SB – 30 Death certificate (s)Pass books

SB- Legal evidence Common Application SB -30Death certificate (s)Legal documentPass books

SB- No Nomination & legal evidence

Common Application SB -30Death certificate (s)Pass booksLetter of IndemnityAffidavitLetter of disclaimer on affidavit

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Savings Accounts…Procedure

• Scrutiny of application• Witness necessary• ID and Address proof of claimant and two

witnesses as per KYC norms .

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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

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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.

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Power for sanctioning claims (SB, RD,TD,MIS,NSS)

Authority With Nomn.

Legal evidence

Others(New form)

T/S SPM 1,000 1,000 1,000

Note: Except C & B class for other SPMs RD/MIS with Nomination ‘No limit’

LSG SPM 2,000 2,000 2,000

MDG No limit No limit 5,000

HPM No limit No limit 5,0001.3.2

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.

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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

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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

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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

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Miscellaneous information…

• After issue of sanction, the following accounts may be transferred to the name of nominee/legal heir• Recurring Deposit• Time Deposit

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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?

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