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Settlement of Savings Bank Claims -Revised Procedure

Settlement of Savings Bank Claims -Revised Procedure. w.e.f. 01.01.2011. Types of Claims. With Nomination With out Nomination / legal evidence With legal evidence. Norms for settlement of claims. 7 days from the date of receipt. With Nomination claims. What the customer should present?

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Settlement of Savings Bank Claims -Revised Procedure

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  1. Settlement of Savings Bank Claims -Revised Procedure w.e.f. 01.01.2011

  2. Types of Claims • With Nomination • With out Nomination / legal evidence • With legal evidence

  3. Norms for settlement of claims 7 days from the date of receipt

  4. With Nomination claims • What the customer should present? • Claim Application – SB 30 • Death Certificate – in original • Passbook • Copy of ID Proof and address proof of the claimant(s)

  5. With out Nomination/ Legal evidence • What the customer should present? • Claim Application – SB 30 • Death Certificate – in original • Passbook • Letter Indemnity ( signed by the claimant(s) and Suritie(s) and attested by the Notary Public) • Affidavit (Executed before Oath Commissioner) • Letter of disclaimer on Affidavit (Executed before the Oath Commissioner) • Copy of ID Proof and address proof of the claimant(s)

  6. With legal evidence • What the customer should present? • Claim Application – SB 30 • Death Certificate – in original • Passbook • Legal evidence in original or certified copies or attested copies with original (Original will be returned after verification) • Copy of ID Proof and address proof of the claimant(s)

  7. Powers for Sanction of claims

  8. Powers for Sanction of claims

  9. Powers for Sanction of claims

  10. Death Certificate • Issued by Municipality/ local bodies, Hospital, Police station in prescribed form • When death occurs in a place where none of the above said authorities exist, a certificate of death in original form a Gazetted Officer, a MP/ MLA/ Panchayat Officer/ Village Police Patel may be submitted • Certificate from last employer/ Doctor/ Hakkim who last attended the deceased if BAL < 250 • Certificate of death issued by Parsee panchayat, Burial Certificate issued by Church authorities may be accepted if certificate can not be had from Municipality/local body/ Hospital etc.,

  11. Check list for sanction of claim • Account Particulars are correct and verified with our records ( Account No., Name of Depositor, Balance, Nominee name if any., etc.,) • BPM/SPM/PM/Sr., PM has accepted the two witnesses in the claim application • ID Proof and address proof submitted • Death Certificate in original submitted • Legal evidence is submitted (if No Nomination exist and claim exceeds 1 lakh) or • Annexure viz., (if No Nomination and No legal evidence) • Letter of Indemnity – signed by claimant and suritie(s) attested by Notary public • Affidavit – executed before the Oath Commissioner • Letter of disclaimer on affidavit – executed before the Oath Commissioner

  12. Procedure • Receipt of claim application should be acknowledge on the same day • Sanction the claim if satisfied with the above check list if you are competent • Otherwise forward on the same day to the competent authority by Insured post • Pay the amount by getting the acquittance on the claim application • Preserve a copy in claim file and forward the original as voucher to the HO / SBCO • If the claim is to be sanctioned by any other administrative authorities other than the Postmaster, then the sanction will be issued separately and the PM concerned will sign in the claim for by attaching a copy of sanction. • All payment should be made by cheque irrespective of amount

  13. Special procedures • Claim Closure with out PB • refer the case to the Head of the Division • If permitted, get an application from the claimant to do so • Attach it with the warrant of payment • Make remarks in Ledger and other records • Payment to Minor claimants – • to the person appointed in the nomination to receive it. • Where no nomination exist, Guardian (Father or Mother or a person entitled under law when neither parent is alive) • Certificate to be furnished by the Guardian that the minor is alive and the money is required on behalf of the minor. • Transfer of account to the name of the claimant • RD and TD account can be continued by the claimant till maturity • Separate Form 1/ SB 3 card/ SS will be given by the claimant • Necessary remarks will be entered in the concerned remarks

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