Deceased Claim Policy

Introduction

Death of a person is a turbulent period, both mentally and financially, for the members of the bereaved family. Speedy disposal of claim requests of deceased depositors would be a solace to the legal heirs/nominee/survivor of the deceased customer. The Bank shall adopt the policy of efficient and hassle- free handling of claim petitions by branches/Head Office while ensuring that the money / articles of deceased customer is claimed by the person/s who are entitled thereto.

The Bank shall settle all claims in respect of deceased customer/s and shall release payments / articles kept in SDV (Safe Deposit Vault) to survivor(s) / nominee(s) within a period not exceeding 15 days from the date of receipt of the claim, along with all required documents.

Banks should report to the Customer Service Committee/Board, at appropriate intervals, on an ongoing basis, the details of the number of claims received pertaining to deceased depositors / locker-hirers / depositors of safe custody article accounts and those pending beyond the stipulated period, giving reasons therefor.

Objective

The objective of this policy is to smoothen the process of settling claim(s) of deceased account holder and provide better customer service by avoiding hardships to the nominee(s)/heir(s) of the customers in settlement of their claims. The premise of this policy is based on the guidelines regarding settlement of deceased claim by banks and incorporates various instructions and guidelines issued by the RBI from time to time regarding procedures of handling such settlement.

Definitions

Deceased Account

A deceased account is a bank account such as a savings, Term Deposit, current account, safe deposit locker etc. owned by a deceased person.

Nominee

Nominee means the person or persons duly appointed by the account holder, depositor, or investor, who shall be entitled to receive the proceeds of the account, deposit, or investment upon the death of the account holder.

Legal Representation

A legal representation is one that is granted by a Court of Law entitling the legal heirs of the deceased to collect the debts/securities or assets of the deceased. Bank may opt for settling the matter through legal representation.

The following documents represent different forms of legal representation:

• Succession Certificate
• Wills and Probate
• Letter of Administration
• Order of the Administrative General attached to the High Court.

Probate

It is the legal process/court order administering the estate of a deceased person by resolving all claims and distributing the deceased person’s property under a valid Will. Bank to act as per the probate/court order.

Letter of Administration

It is order issued by a Court for administration of the property of a deceased. Bank must act as per the Court order.

Succession Certificate

It is a certificate/order issued by a court of competent jurisdiction declaring the names of legal heirs of a deceased person and percentage of their share in the property of the deceased. This needs to be submitted in condition when there is no “Will” prepared by deceased and no “Nominee” is registered.

Intestate

The depositor dies intestate means that he/she has not left behind any “Will”.

Settlement of claims in respect of missing persons

The nominee(s)/ legal heir(s) of a missing person shall be required to get an order from the competent court under the provisions of Sections 110 or 111 of the Bharatiya Sakshya Adhiniyam, 2023. The claim in respect of such missing person shall be settled as per the procedure applicable for settlement of claims in respect of a deceased customer. In such cases, a copy of the court order declaring the civil death of the account holder shall be obtained in lieu of the death certificate. However, to avoid inconvenience and undue hardship to the common person where the aggregate amount payable, including accrued interest, as on the date of the application is less than ₹1 lakh or such higher amount as may be fixed by the bank, a copy of the First Information Report (FIR) and non-traceable report issued by police authorities shall be obtained in lieu of death certificate or an order from a competent court declaring the civil death of the account holder for settling the claim.

Estate Account

• Estate Account of Deceased customer for pipeline flows with restriction on debits with no signatory/executor/administrator:
• In case of a resident/domestic account, if the claimant(s) are expecting to receive funds in the name of deceased holder, they can inform the Bank that new ‘Estate’ account need to be opened to facilitate such credits. The account will be titled as ‘Estate of the Deceased’ and will be used only for processing credits favouring deceased holder. No intermittent withdrawal will be permitted from estate account (i.e. account will be held in No Debit Status).
• Estate account of deceased customer with executor/administrator as per Probated Will In case of a resident/domestic account, if the claimant(s) are expecting to receive funds in the name of deceased holder, they can inform the Bank that new ‘Estate’ account need to be opened to facilitate such credits. The account will be titled as ‘Estate of the Deceased’ and will be used for processing credits favoring deceased holder.
• In case, the Probated Will allows debits/withdrawals and an appointment of executor/administrator, then account will be opened with executor/administrator as authorized signatory/ies and any debits will be permitted as stated in Probated Will only.

Mode of Payment

Payment should be made through “Account Payee only” Demand Draft or NEFT/RTGS or as per court order wherever applicable. In case the settlement is demanded as electronic transfers (NEFT/RTGS), cancelled cheque of the beneficiary account is mandatory to be obtained. Alternatively the claim amount also may be transferred to the claimant account maintained with us.

The claim in respect of a deceased account shall be settled in the following order:

• Payment to Nominee :

Where a valid nomination exists, the Bank shall make payment of the balance in the account to the nominee. Upon such payment, the Bank shall stand discharged of its liability.

• In absence of a valid nomination:
• Payment to Legal Heirs:

If the deceased account holder has left a Will, the payment shall be made to the legal representative(s) upon production of a probated Will or letter of administration.

• Payment to Legal Heirs based on Indemnity:

If the deceased has not left a Will or no legal representation is available, and all the legal heirs jointly request settlement, the Bank may consider payment against an indemnity bond signed by all the legal heirs.

Educating customers about Nomination and Survivorship Mandate

Bank will take steps to educate customers about the advantages of Nomination Facility and Survivorship Mandate.

Survivorship Mandate

A joint account opened as “either or survivor” or “anyone or survivor’’ or “former or survivor” or "latter or survivor" will facilitate the surviving account holder(s) to have unimpeded access to the credit balance in the account for withdrawal or to operate the account/s if one of the co-account holder/s dies.

If the mandate of survivorship is given / provided, the survivor(s) can give a valid discharge to the bank and payment to survivor(s) can be made in the normal course subject to the only rider that there is no order from a competent court restraining the bank from making such payment.

Nomination Rules

Nomination is the facility made available to account holder whereby in case of death of account holder, the nominee can easily withdraw the balance amount, deposits without going through the cumbersome procedures of obtaining succession certificates or letter of administration or probate of will etc. The nomination facility was introduced with the intention of minimizing the hardships caused to the family members on the death of depositor.

The banking company (nomination) rules form part of the banking regulation act. The nomination facility simplifies the procedure for settlement of claims of deceased account holder(s) as the bank shall get a valid discharge by making payment of the proceeds of the account, deposit, or investment at the time of his death or delivering contents of locker or articles kept in safe custody to the nominee.

Nomination facility is purely voluntary and at the discretion of the depositor(s)/hirer(s). It is to be made clear to the depositors/hirers that the nomination is introduced solely for the purpose of simplifying the procedure for settlement of claims of deceased depositors and nomination facility does not take away the rights of legal heir on the estate of the deceased. The nominee shall be receiving the proceeds of the account, deposit, or investment from the bank as a trustee of the legal heir.

With respect to Liability Accounts:

Nomination can be made in respect of all types of deposit accounts held jointly or singly including sole proprietorship accounts. However, nomination facility is not available for the following types of deposit accounts:

• Accounts held in the representative capacity – e.g., as trustee, as liquidator, as treasurer etc.
• Accounts held in the capacity of partnership firm.
• Accounts of joint stock companies/associations/clubs and such other organizations.
• The essence of the nomination rule is that the facility shall be available only to individual account holders in their own capacity singly or jointly. Since an overdraft account is not a deposit account, no nomination facility is available for credit balance held in overdraft accounts. Settlement of credit balance shall be processed through the usual banking and legal process.

Nomination facility is available for non-resident accounts also, i.e. for NRE, NRO, FCNR, RFC as well as the following types of accounts:

• Accounts opened by foreign nationals who are permanently resident in India.
• Accounts opened by foreign nationals who are staying in India for pursuing studies, employment, business etc.
• Accounts opened by foreign nationals who are on a temporary visit to India for tour purposes.
• In the case of joint deposits with other individuals, the nomination shall be done by the depositors jointly. In the case of joint deposits, the right to the nominee arises only on the death of all the joint depositors.
• Nomination can be accepted either at the time of opening the account or at any time subsequently during the period in which the deposit is held by the Bank to the credit of the depositor.
• If the depositor is a minor, the nomination shall be made by a person lawfully entitled to act on behalf of the minor. In such cases the nomination shall be made by the natural guardian or the person who is lawfully entitled to act on behalf of the minor. When the minor attains majority a fresh nomination form or a consent letter shall be obtained from the depositor (erstwhile minor).
• Nomination can be accepted in favor of an individual only. Nomination can be made in favor of only one person only, and nomination in favor of more than one person shall never be accepted, even if deposit is held by two or more individuals jointly. Further a nominee cannot be an Association, Society, Trustee or any other organization or Office bearer in his official capacity.
• A minor can also be appointed as a nominee. However, in such cases, the depositor may appoint another individual, not being a minor, to receive the amount of deposit on behalf of the nominee in the event of death of the depositor(s) during the minority of the nominee.

With respect to Safe Deposit Lockers

This facility is available to lockers held in individual capacity either singly or jointly. Hence lockers hired in representative capacity such as trustee, liquidator or in the name of companies, associations etc. are not eligible for this facility.

• Only the locker hirer can make nomination. If locker is hired by more than one individual, the nomination shall be made jointly by all the hirers.
• Nomination can be accepted at any time as long as all the hirers are alive, and the contract of locker hire is in force.
• For each locker, separate nomination application shall be required. However, where there are already some lockers articles held/deposited by an individual and no nomination has been made in respect of them, then nomination for all such lockers/articles can be exercised through a single nomination application form provided the same individual is appointed as a nominee for all the lockers/articles.
• A nominee cannot appoint another nominee. Where the locker/article is hired/deposited by a minor, the nomination in such cases shall be made by a person lawfully entitled to act on behalf of the minor.
• In the case of jointly hired lockers with joint mode of operation, on the death of one of the hirers, no further operations shall be allowed. The locker shall be vacated observing the prescribed procedure and the contents of the locker shall be handed over to the nominee and the surviving hirers jointly. For mode of operation with survivorship clause, the locker can be operated by the surviving hirers.
• In the case of lockers hired by sole hirer, nomination shall be accepted in favor of one individual only.
• In the case of lockers hired jointly by two or more individuals, nomination can be made in favor of more than one person.
• A minor can also be appointed as a nominee to receive the contents of a Safe Deposit Locker. But at the time of nomination itself, the person who is entitled to receive the contents of Safe Deposit Locker on behalf of the minor nominee shall be specified.

Operation in different types of Account upon receiving Notice of Death of Account Holder

Individual Accounts

No further cheques should be paid even though they are dated prior to the date of death of the account holder.

Joint Accounts

If the balance is payable to the survivor(s), cheques signed by the survivor(s) may be paid to the debit of the account. Further, in the case of a joint account:

• Standing in two names with mode of operation being either or survivor, upon intimation of death of one of the account holders by production of death certificate, the account needs to be converted into single account in the name of the survivor.
• Standing in three or more names where the mode of operation is ‘Anyone or survivor’, upon intimation of death of one of the account holders by production of death certificate the account will continue in the name of the remaining two account holders with the mode of operation to continue as ‘Either or survivor’ and there is no necessity to have a fresh mandate.
• Standing in joint names where the mode of operation is jointly, upon intimation of death of one of the account holders by production of death certificate, all operations in the account to be stopped till the legal heirs of the deceased are identified. The same process as outlined in single account wherein there is no nomination shall be followed for the share of deceased account holder.

Proprietorship Accounts

No further cheques should be paid even though they are dated prior to the date of death of the account holder.

Partnership Accounts

The death of a partner has, ordinarily, the legal effect of dissolving the firm. The firm can continue basis the type of partnership specified in the deed. In case of continuing partnership, the firm may continue to function with no impact on the account except restricting the operations on CIF of deceased partner. The surviving partner(s) can, however, operate the account for the purpose of winding up; and any cheques drawn by the surviving partner(s) can be paid. Cheques drawn by the deceased partner and presented after his death, should not be paid. The branches should request the surviving partner(s) to close the account by drawing a cheque signed by all of them and open a new account through which all further transactions may be passed.

Joint Hindu Family Firm Accounts

In case of death of the Karta, the operation in account will be restricted. The operations of the account can be allowed post receiving the declaration from all the co-parceners on appointment of new Karta and all the KYC documents, CIF and account maintenance form duly signed by the new Karta.

Trust Accounts

The Trustees must act jointly unless there is an express provision to the contrary in the Trust Deed. In case of death of any trustee,

• The operation of the account should be stopped unless the, relative Trust Deed confers express powers on the surviving trustee to act.
• In the absence of any specific provision in the Trust Deed, it is not safe for the Bank to assume that the surviving trustees possess full powers to deal with the account. Branches should, therefore, not allow the surviving trustees to operate on the account or withdraw the balance. In case of death of sole trustee, operation on the account should be immediately stopped. For settlement as closure or continuation of said account, court order is mandatory.

Executor’s` and Administrator’s Accounts

On the death of an executor or administrator unless otherwise provided for the in the Will or Probate or Letter of Administration, all the powers of the office bearers become vested in the surviving executors or administrators. The account should be allowed to be operated by co-executor(s), but the cheques signed by the deceased executor or administrator and presented after notice of his death should not be paid in the account. In case of death of a sole Executor or Administrator, it will be necessary to obtain fresh order of the court appointing a new Administrator.

Limited Company’s Accounts, Association, Society, Club Account

Where notice of death is received in respect of a person who is authorized to operate an account of a Limited Co., Association, Society, Club account, outstanding cheques drawn by such person of the Company can still be paid. The Board resolution submitted by the Company regarding the operation of its Account should be examined by the branch to see whether any amendment or new resolution is necessary.

Accounts Operated by a Holder of Power of Attorney or Letter of Mandate

Upon the death of the principal, the authority of Attorney or Mandate holder stands cancelled. The operation on the account should be immediately stopped and no cheques signed by Attorney/Mandate holder should be paid after receipt of notice of death of the Principal.

Settlement of Deposit Accounts, Safe Deposit Lockers, Articles kept in Safe Custody

Settlement of Claims in Deposit Accounts of Deceased Account Holder

• Accounts with nominee(s) / survivorship clause

Applicability –

• Accounts with nomination facility (Payment to Nominee)
• Joint deposit accounts with Survivorship clause (Payment to Survivor)

Note – In the case of a joint deposit account with or without survivorship clause, the nominee’s right arises only after the death of all the depositors.

Documents required –

• Claim form (Annex I-A), duly signed by the nominee(s)/survivor(s)
• Death certificate of the deceased depositor(s)
• Officially Valid Document of the nominee/survivor for identity and address

Accounts without nominee / survivorship clause – No “Will”, Amount up to threshold limit

Conditions –

• Aggregate amount payable including accrued interest is ≤ ₹15 Lakh
• No Will left behind by the deceased depositor(s)
• No contesting claim
• No court order restraining payment

Documents required –

• Claim form (Annex I-B), duly filled and signed
• Death certificate of the deceased depositor(s)
• Officially Valid Document of claimant(s)
• Bond of Indemnity (Annex I-C)
• Letter of disclaimer / no objection (Annex I-D), if applicable
• Legal Heir Certificate issued by competent authority OR Declaration (Annex I-E) by independent person acceptable to bank

Note – No bond of surety from a third party shall be obtained for claims up to the threshold limit.

Accounts without nominee / survivorship clause – No “Will”, Amount above threshold limit

Conditions –

• Aggregate amount payable including accrued interest is above ₹15 Lakh
• No Will left behind
• No contesting claim
• No court order restraining payment

Documents required –

• Claim form (Annex I-B)
• Death certificate of the deceased depositor(s)
• Officially Valid Document of claimant(s)
• Succession Certificate

OR

• Claim form (Annex I-B)
• Death certificate of the deceased depositor(s)
• Officially Valid Document of claimant(s)
• Bond of Indemnity (Annex I-C)
• Letter of disclaimer / no objection (Annex I-D)
• Legal Heir Certificate OR Affidavit (Annex I-E) sworn before competent authority. Bank may call for surety bond from acceptable third parties.

Accounts without nominee / survivorship clause – “Will” without dispute

• Claim form (Annex I-B)
• Death certificate of the deceased depositor(s)
• Officially Valid Document of claimant(s)
• Probate of Will / Letter of Administration

Bank may settle claims without probate if there is no dispute, Will is genuine,and compliant with law. Additional documents may be required:

• Bond of Indemnity (Annex I-C)
• Letter of disclaimer / no objection (Annex I-D)

Note – No bond of surety shall be insisted from third party.

Accounts without nominee / survivorship clause – “Will” with dispute

Documents required –

• Claim form (Annex I-B)
• Death certificate of the deceased depositor(s)
• Officially Valid Document of claimant(s)
• Probate of Will / Letter of Administration / Succession Certificate / Court Order

Note –

• Claims shall not be settled if court restraining order exists
• No bond of surety required

Operational and Compensation related aspects

• A claimant can lodge the claim at any of the branches of Shivalik Small Finance Bank.
• Acknowledgement needs to be shared to claimant/nominee/survivor once all documents are received from the claimant/nominee/survivor.
• Time limit for settlement of claims –
  • Bank shall settle a claim in respect of deposit accounts of a deceased customer within a period not exceeding 15 calendar days from the date of receipt of all the required documents associated with the claim
  • In case of safe deposit locker/ articles in safe custody, the bank shall, within 15 calendar days of receipt of all the required documents, process the claim and communicate with the claimant(s) for fixing the date for making inventory of the locker/ articles in safe custody.
• Compensation for delay in settlement of claims –
  • If any deposit related claim is not settled within the timeframe stipulated above, then the bank shall communicate the reasons for such delay to the claimant(s). Further, in cases of delay attributable to the bank, compensation shall be paid by the bank in the form of interest, at a rate not less than the prevailing Bank Rate + 4% per annum, on the settlement amount due for the period of delay. The reference date for reckoning the amount due and the prevailing Bank Rate shall be the date of receipt of all required documents from the claimant.
  • For claims related to safe deposit locker/ articles in safe custody, the bank shall be required to pay compensation to the claimant(s) at the rate of ₹5,000 for each day of delay, in cases where it doesn’t adhere to the timeline prescribed above

Nomination facility is also available in respect of deposits held in the name of a sole proprietary concern. Accordingly, a bank shall follow the procedure for settlement of claims in respect of such accounts as has been prescribed above for the accounts with/ without nominee/ survivorship clause, as applicable.

Modes for Certification of ‘proof of death’ document issued outside India

In cases involving death of a customer outside India, ‘proof of death’ document is issued by an authority outside the country. In such cases, a bank shall accept the original certified copy of the document issued for ‘proof of death’, certified in the country of its issuance in any one of the following modes:

• authorised officials of overseas branches of Scheduled Commercial Banks registered in India; or
• branches of overseas banks with whom Indian banks have correspondent banking relationships; or
• a Court Magistrate or Judge or Notary Public; or
• consularised by Indian Embassy/ Consulate General in the country of issuance; or
• apostilled

Payment of Interest in case of Term Deposit Accounts of Deceased Depositor(s)

• In case of a term deposit of deceased depositors, interest shall be paid in the manner indicated below:
• If date of payment of claim is date of maturity of the deposit, the maturity proceeds will be paid at the contracted rate.
• In case of premature withdrawal i.e., in the event of the payment of deposit being claimed before the maturity date - interest will be paid on at applicable rate with reference to the period for which the deposit has remained with the Bank up to date of payment without charging penalty.

• For claims after the date of maturity and no auto renewal instructions exist –
• If the date of death of the customer is prior to the maturity date, the Bank shall pay interest at the contracted rate till date of maturity. From the date of maturity to the date of payment, the Bank shall pay simple interest at the applicable rate obtaining on the date of maturity, for the period for which the deposit remained with the Bank beyond the date of maturity.
• If the date of death of the customer is after the maturity date of the deposit, bank shall pay interest at the savings deposit rate obtaining on the date of maturity on the maturity amount from date of maturity till date of payment

Premature withdrawal will not attract any penal charge.

In case of an NRE deposit, when the claimants are residents, the deposit on maturity should be treated as a domestic rupee deposit and interest should be paid for the subsequent period at a rate applicable to a domestic deposit of similar maturity till such time the claim is settled.

If the TD (Term Deposit) account holder dies before the maturity of his/her TD account and nominee informed the bank to continue the stated TD account till maturity and bank has the right to honor the nominee’s request after taking a NOC from legal heir/s (if any) and nominee can continue the TD account till maturity.

If the LTD (Long Term Deposit) account holder dies before the maturity of his/her LTD account and nominee informed the bank to continue the stated LTD account till maturity and bank has the right to honor the nominee’s request and nominee can continue the LTD account till maturity.

Premature termination of term deposits opened jointly, with or without survivorship clause, shall require the consent of the surviving depositors and the legal heir(s) of the deceased joint holder, in case of death of one of the depositors. However, in case of joint accounts with survivorship clause, if a specific mandate is furnished by all the depositors jointly to the bank, either at the time of placing the term deposit or anytime subsequently during the tenure of the deposit, then premature withdrawal option shall be allowed to the survivors on the death of any of the depositors, without seeking the concurrence of the legal heir(s) of the deceased joint deposit holder.

Handover of original property documents in case, property owner is deceased:

In case of contingent event of demise of sole owner or any one of the Joint Owners of the Property, the following procedure shall be adhered to. Below mentioned documents to be furnished to the concerned branch and following procedure should be adopted by the legal heirs of the deceased borrower:

• Duly signed application by legal heir/s of deceased and or co-borrower as per Varisan/ Legal heir Certificate.
• Death Certificate of the Deceased owner of the property.
• The legal heirship certificate or the Succession certificate (issued by the competent civil court).
• The Legal heirship certificate / Family membership certificate issued by the competent authority / Tahsildar. The Legal heirship Certificate / Family Membership certificate to contain all the names of the Legal heirs of the deceased along with the relationship and shall be eligible legal heirs for succession as per the respective personal law/ succession laws.
• Post loan repayment / settlement & closure, all Legal heirs shall be physically present for release of charge and/or consent from other legal heirs of deceased would be required. After complying all other procedures, original property documents will be handed over to legal heirs under due acknowledgement.
• In case of deceased borrower is property owner along with other co-owners, then co-owners are entitled to take delivery of original property document along with legal heirs of the deceased.
• In case of any dispute among the Legal heirs, any claim made by legal heir / heirs, any notice received objecting release the original documents, then the documents will be handed over only after clear court order or all the legal heirs have jointly decided among themselves with respect to the property document custody and such understanding is signed by all legal heirs and submitted.
• Legal heirs, co-owners visiting branch for collecting original property documents should produce original KYC documents and provide attested copy of the same to the branch.
• In context to above duly signed Annexure O (Indemnity form duly notarized) must be obtained invariably.

Settlement of Claims - Loans:

In the event of death of the Borrower(s) during the validity of a Loan facility and documentation thereof, the Borrower(s)’s estate, effects, heirs, executors, administrators and legal representatives shall be jointly and/or severally bound by terms of the appropriate documentation executed as well as liable for full repayment of all the monies due and payable by the Borrower(s) to the Bank.

In case of failure to pay the outstanding dues against the Loan facility, the Bank reserves the right to terminate the facility and/or recall all or any portion of the facility balance in line with the terms of the documentation executed by the Borrower(s).

Reporting to The Board:

A report will be placed before the Board, at appropriate intervals, on an ongoing basis, comprising the details of the number of claims received pertaining to deceased account holder(s)/depositor(s) / locker-hirers / depositor(s) of safe custody article accounts and those pending beyond the stipulated period, giving reasons, therefore.

Annexures

Annex I-A	Application Form for Settlement of Claim in Deposit Accounts/ Release of Contents of Safe Deposit Lockers/ Return of Articles in Safe Custody kept by Deceased Customer (cases with Nomination or Joint Account with survivorship clause)
Annex I-B	Annex I-B Application Form for Settlement of Claim in Deposit Accounts/ Release of Contents of Safe Deposit Lockers/ Return of Articles in Safe Custody kept by Deceased Customer (cases other than Nomination or Joint Account with survivorship clause)
Annex I-C	BOND OF INDEMNITY/ SURETY (To be duly stamped as per the Stamp Act applicable to the State) Stamp Act applicable to the State)
Annex I-D	LETTER OF DISCLAIMER/ NO OBJECTION (To be duly stamped as per the Stamp Act applicable to the State)
Annex I-E	DECLARATION/ AFFIDAVIT (To be duly stamped as per the Stamp Act applicable to the State)
Annex I-F	Form of Inventory of Contents of Safe Deposit Locker
Annex I-G	Form of Inventory of Articles left in Safe Custody
Annex I-H	BOND OF INDEMNITY WITH RESPECT TO DELIVERY OF CONTENTS OF SAFE DEPOSIT LOCKER/ ARTICLES KEPT IN SAFE CUSTODY BY THE DECEASED CUSTOMER (to be submitted in case of claims settled without production of Legal Documents)
Annexure II-A	The account operations to be stopped and balance to be paid to the surviving partner’s along with the legal heirs of the deceased partner. (A letter to be obtained as per ANNEXURE F.
Annexure II-B	If locker key is lost: It can be broken open upon request by legal heirs and after payment of arrears of rent and cost of drilling open/repairing. An indemnity also to be obtained as per “ANNEXURE ‘G’. After taking joint inventory as above, articles along with a copy of inventory to be sealed and kept in safe custody till formalities of delivery of article is completed.
Annexure II-C	Summary of Legal Heirs
Annexure II-D	Letter of Indemnity for FDRs Lost

Review

Any Changes to the policy will be approved internally through the relevant Board approved committee. The policy as a rule will be reviewed at the Board level once a year. If there is a major change done above it will be ratified by the board in the next meeting.