MUMBAI: The Reserve Bank today directed urban co-operative banks not to insist upon succession certificates from the nominees while settling claims in cases of deceased depositors to make the procedure fast.
"In case of access to balance in deposits accounts with survivor/nominee clause, UCBs were advised that while making payment to the survivor(s)/nominee of the deceased depositor, the banks should desist from insisting on production of succession certificate," RBI said in a notification to UCBs.
It further said there should be no insistence upon producing the letter of administration or probate or any bond of indemnity or surety from the survivor or the nominee irrespective of the amount standing to the credit of the deceased account holder.
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