The treatment of accounts held by a deceased customer is done as per Bank’s Deceased Depositor’s Policy (“Policy”). Upon receipt of a intimation/information from reliable sources, as Citibank deems appropriate, about the death of the Account Holder/Sole Proprietor/Karta/Partner, the treatment of the respective type of account would be as follows.

• Individual Account (singly held)

  The account is placed in ‘blocked’ status, i.e., debit and/or credit transactions are not allowed. The nominee/legal heirs should submit the documents as per policy to settle the account and seek disbursal of funds in account of deceased customer.

• Joint accounts

  (i) Joint Accounts with “Joint” sign rule

  The account will be placed in ‘blocked’ i.e., debit and/or credit transactions are restricted. The nominee/legal heirs should submit the document as per policy to settle the account and seek disbursal of funds in account of deceased customer.

  (ii) Joint Accounts with “Either or Survivor” and/or “Former or Survivor” sign rule

  Debits or credits in the name of deceased holder will not be allowed. However, credits and debits shall be allowed in the name of surviving holder(s). The debit card of the deceased holder will be closed. The surviving holder should submit the documents as per policy to continue operation of account or close the account by receiving funds in the account.

• Sole Proprietorship account

  The sole proprietorship account will be put on ‘blocked’ status. Treatment will be the same as for individual accounts.

• HUF Account

  In case of death of a Karta of an HUF, the account will be placed on “No Debit” Status. The new karta can submit documents required under the Bank’s deceased depositor’s policy for change of karta on account or surviving coparceners & members of HUF can submit the documents under policy for closure of account.

• Partnership Accounts

  In case of death of a partner, if the partnership dissolves, the account will be placed on “Blocked” Status. However, as per terms of partnership deed, if the partnership ca survive after death of a partner, the account will be placed in “No debit” status and the surviving partners can submit the documents under policy to continue the account. If there are only two partners and upon death of one of the partners, since the number of partners would be less than the minimum of two partners as per the Partnership Act, the account would be placed under blocked status (both debit & credit).

• One Person Company

  The account of One Person Company shall be put on “No Debit” status.

The below mentioned documents are required under Bank’s policy to be submitted by a registered nominee or surviving joint holder (‘survivor’) to an account held by a deceased customers.

• Duly executed Claim application form in prescribed format (Annexure A1 of policy) by the nominee/survivor.
• Certified true copy of death certificate of account holder. After verifying the copy with the original, the original death certificate will be returned by Bank.
• Certified true copy of photo identity and address proof of the nominee/survivor. After verification with the original, it will be returned by Bank.
• Nominee/Survivor Declaration (Annexure A2 of policy)
• Declaration to be taken from the claimant in the form of Annexure A4 of the policy in case there is a delay of more than 3 months in intimation of death of account holder.

Please note if all the account holders of a joint account (with survivorship clause) expire, the funds will be disbursed to the nominee, if any registered in the account or else the legal heirs of the deceased account holders will have the right to claim such funds subject to providing complete documentation as per the Bank’s policy.

The below mentioned documents are required under Bank’s policy to be submitted by the claimant/legal heirs of deceased customer.

Accounts with balance less than Rs. 10 lakhs.

• Duly executed Claim application form in prescribed format (Annexure A1 of policy) by the nominee/survivor.
• Certified true copy of death certificate of account holder. After verifying the copy with the original, the original death certificate will be returned by Bank.
• Certified true copy of photo identity and address proof of the nominee/survivor. After verification with the original, it will be returned by Bank.
• Duly stamped and notarized indemnity deed (Annexure A3 of policy) executed by all legal heirs of deceased.
• Declaration to be taken from the claimant in the form of Annexure A4 of the policy in case there is a delay of more than 3 months in intimation of death of account holder.

Accounts with balance of Rs. 10 lakhs or above.

• Duly executed Claim application form in prescribed format (Annexure A1 of policy) by the nominee/survivor.
• Certified true copy of death certificate of account holder. After verifying the copy with the original, the original death certificate will be returned by Bank.
• Certified true copy of photo identity and address proof of the nominee/survivor. After verification with the original, it will be returned by Bank.
• Probated Will/Letter of Administration/Succession Certificate from appropriate Indian Court or Legal heir Certificate from Tahsildar of Revenue Department or as per local laws.
• NOC from legal heirs if funds are to be released to any one legal heirs as per document submitted under point#4 above.
• Declaration to be taken from the claimant in the form of Annexure A4 of the policy in case there is a delay of more than 3 months in intimation of death of account holder.

At the request of nominee/legal heirs of deceased account holder, as the case may be, an estate account can be opened in the name of the ‘Estate of deceased account holder’ for pipeline flows/ credits in the name of deceased to be directed into this account.

• In case of a resident/domestic account of deceased, the legal heirs may request the Bank to open an ‘Estate’ account which will be in the name of ‘Estate of the Deceased’ and it can be used only for processing credits favoring deceased holder. No intermittent withdrawal will be permitted from estate account (i.e. account will be held in No Debit Status).
• In case of non-resident account (NRE/NRO account) of deceased customer, the claimant(s) will need to obtain permission from the RBI to open the new 'Estate account’ to facilitate credits in the name of deceased account holder. Once such permission is received the requirements of above section above shall apply.

The following documents will be required to be submitted by the claimants for opening an estate account

• A written authorization from the Survivor(s)/Nominee/legal heir(s) of the deceased account holder; (Annexure A8 of policy).
• Photograph, Identity and address proof of the nominee/survivor(s)/legal heir(s).
• Copy of original death certificate of the account holder (if not already available with Bank).

Once the expected credits have been received in the estate account, legal heirs may approach the Bank to seek disbursement from estate account and closure of account basis submission of following documents:

• Certified true copy of Probated Will/ Letters of Administration/Succession Certificate/ Legal Heir Certificate in favor of the Claimant(s) to corroborate the claim.
• Photo, identity and address proof of all the Claimant(s).
• Duly executed Claim application form (including No Objection certificate (NOC) from other legal heirs in case the amount is being released in favor of one Legal Heir).

Upon death of karta of HUF, the surviving coparcener and members of HUF can submit the following documents to Bank:

• Declaration by all coparceners and members of HUF confirming that the HUF is continuing or has ceased to exist after death of Karta, as may be applicable.
• In case the HUF has ceased to exist, then documents as applicable in case of account standing in the name of individual, shall be applicable along with Annexure A6 of policy.
• If the HUF is continuing,
  • an indemnity bond duly executed by all coparceners and members of HUF to appoint a new Karta to HUF and authorize the new Karta to operate the account on behalf of HUF.
  • Certified true copy of photo identity and address proof of new Karta, all coparcenars and members of HUF. After verification, the originals of ID & Address proof will be returned by Bank.
• Duly executed Claim application form in prescribed format (Annexure A1) by all the claimant(s).
• Certified true copy of death certificate of karta. After verifying the copy with the original, the original death certificate will be returned by Bank.
• Certified true copy of photo identity and address proof of the claimant(s). After verification with the original, it will be returned by Bank.
• No Objection Certificate to be obtained from other legal heirs of the deceased in the event the balance is required to be released to only one legal heir as per Annexure A7 of this policy.
• Declaration to be taken from the claimant in the form of Annexure A4 of this policy in case there is a delay of more than 3 months in intimation of death of karta.

• The documents required under the policy are as below:
  • Duly executed Claim application form in prescribed format (Annexure A1) by all the claimants.
  • Certified true copy of death certificate of partner. After verifying the copy with the original, the original death certificate will be returned by Bank.
  • Certified true copy of photo identity and address proof of the claimants. After verification with the original, it will be returned by Bank.
  • Declaration to be taken from the claimant in the form of Annexure A4 of the policy in case there is a delay of more than 3 months in intimation of death of partner.
  • In case the partnership deed mandates dissolution of partnership, upon death of any partner:
    • Dissolution deed mentioning settlement of all dues to surviving partners and legal heirs of deceased partner.
    • Documents required for individual account as stipulated in the Policy.
  • For other cases where partnership deed provides reconstitution of partnership upon death of any partners,
    • If legal heirs of deceased have joined the reconstituted firm, the following documents will be required.
      • Reconstituted deed duly executed by all surviving partners and all legal heir(s) of deceased partner.
      • Legal representation in the form of legal heir certificate/Probate/letter of administration/succession certificate in favor of the Claimant(s).
    • If legal heirs of deceased have not joined the reconstituted firm, the following documents will be required.
      • Reconstituted deed executed by all surviving partners
      • NOC/Indemnity for settlement of dues duly executed by the surviving partners and legal heirs of the deceased partner (Annexure A3).
      • Legal representation in the form of legal heir certificate/Probate/letter of administration/succession certificate in favor of the Claimant(s).
      • No objection certificate from other legal heirs in case the amount is being released in favor of one Claimant (Annexure A7).
  • Certified true copies of the final accounts of the partnership firm evidencing the share of the deceased partner in the balance lying in the account of the firm, duly prepared by a Chartered Accountant.

Appointment of a nominee is a mandatory requirement for incorporation of One Person Company. The nominee shall in the event of death of the member become a member of the company and will be responsible for the running of the company. Upon death of member of One Person Company, in addition to minimum required documents for an individual account under the Policy, a nominee declaration (Annexure A2) shall be required.

The processing of a claim under deceased depositor’s policy is expected to be completed, ordinarily, within 15 days from the date of receipt of all the required documents by the Bank from the nominee/claimant(s)/survivor(s). Payments will be made by the Bank to the claimant(s)/ nominee/ survivor(s) as per the documents submitted to the Bank.

Premature withdrawal of deposits will be permitted without any penal interest.
In case of joint depositors of term/fixed deposits with ”Joint” mandate, the proceeds will be paid to Survivor directly on maturity. However, if the Survivor needs to withdraw by premature closure of Deposit, then the claim documentation and NOC of all the legal heirs of the deceased deposit holder along with Survivor will be obtained.

In case of joint depositors of term/fixed deposits with “Either or Survivor” mandate, premature withdrawal of their deposits by one of the joint depositors upon the death of the other will be allowed provided the consent form in this regard duly signed by both/ all the depositors has been submitted to the Bank during the lifetime of all the /deposit holders.

As per the provisions of Section 108 of the Indian Evidence Act, presumption of death can be raised only after a lapse of seven years from the date of his/her being reported missing. As such, the nominee / legal heirs have to raise an express presumption of death of the subscriber before a competent court in India. If the court presumes that he/she is dead, then the claim in respect of a missing person can be settled as per the Bank’s Deceased Depositor’s Policy as mentioned above. The Bank will process requests for balances, as follows and the below mentioned documents would be required in addition to documents required under policy for deceased customers.

• Where the balance does not exceed the amount of Rs 5 lakhs- The Bank, upon receipt of a claim and after considering the circumstances, may release the balance to the nominee/ legal heir, upon receipt of the following documents, at the minimum.
  • Certified copy of a ‘First Information Report’ (“FIR”) and non-traceable report from the police authorities.
  • Equivalent report issued by police /suitable authority may be collected for non-resident missing person.
  • Duly signed, stamped and notarized Indemnity Bond (Annexure-A3).
• Where the balance exceeds the amount of Rs. 5 lakhs- The Bank, upon receipt of a claim and after considering the circumstances, will release the balance to the nominee/survivor/legal heir, upon receipt of the following documents, at the minimum:
  • Certified copy of the Order of the Competent Court in India supporting the presumption of death.
• The Bank can seek further documents, including where it remains unclear that the claimant is the sole claimant or that all persons concerned have not indemnified the Bank.

The treatment of safe deposit locker (‘locker’) held by a deceased customer is done as per Bank’s Deceased Depositor’s Policy (“Policy”). Upon receipt of a written intimation/information from reliable sources, as Citibank deems appropriate, about the death of the Locker Holder, irrespective of locker holding pattern (single/ joint), availability of survivorship clause, access to locker shall be restricted. Red tape will be put on the lockers and restriction on access will be updated on locker card as well. Contents of the locker shall be released to the claimant (s) subject to the below process:

• Locker without survivor/nominee clause.

  The claimants should provide the following documents to Bank to receive articles from the locker.

  • Certified true copy of Probate/ Letters of Administration/ Succession Certificate as may be applicable, from appropriate Indian Court or Legal heir Certificate from Tahsildar of Revenue Dept. or as per local laws from the claimants.
  • Duly executed Claim application form in prescribed format (Annexure A1) by all the claimants
  • Certified true copy of death certificate of locker holder. After verifying the copy with the original, the original death certificate will be returned by Bank.
  • Certified true copy of photo identity and address proof of the claimant(s). After verification with the original, it will be returned by Bank.
  • Declaration to be taken from the claimant in the form of Annexure A4of this policy in case there is a delay of more than 3 months in intimation of death of locker holder.
  • No Objection certificate (NOC) from other legal heirs in case the articles of locker are being released in favor of one Claimant
    (Annexure A7).
  • Inventory for release of locker contents.
• Locker with nominee/survivor clause
  • In case of death of a sole locker holder or all joint locker holders, with registered nominee, access to locker may be given to the nominee upon submission of following documents:
    • Duly executed Claim application form in prescribed format (Annexure A1) by nominee.
    • Certified true copy of death certificate of locker holder. After verifying the copy with the original, the original death certificate will be returned by Bank.
    • Certified true copy of photo identity and address proof of the nominee. After verification with the original, it will be returned by Bank.
    • Declaration to be taken from the nominee in the form of Annexure A4of this policy in case there is a delay of more than 3 months in intimation of death of locker holder.
    • Nominee Declaration (Annexure A2).
    • Inventory for release of locker contents.
  • Joint lockers –
    • In case of death of one of the joint locker holders under ‘either or survivor” operation rule, and with registered nominee, access to the locker may be given to the nominee jointly with the survivor(s) upon submission of following documents:
      • Duly executed Claim application form in prescribed format (Annexure A1) by nominee & survivor(s).
      • Certified true copy of death certificate of locker holder. After verifying the copy with the original, the original death certificate will be returned by Bank.
      • Certified true copy of photo identity and address proof of the nominee and survivor(s). After verification with the original, it will be returned by Bank.
      • Declaration to be taken from the nominee and survivor(s) in the form of Annexure A4 of the policy in case there is a delay of more than 3 months in intimation of death of locker holder.
      • Declaration from nominee and survivor(s) (Annexure A2).
      • Inventory for release of locker contents.
    • In case of death of joint locker holders under ‘either or survivor” operation rule, and without registered nominee, access to the locker may be given to the survivor(s) upon submission of following documents:
      • Duly executed Claim application form in prescribed format (Annexure A1) by survivor(s).
      • Certified true copy of death certificate of locker holder. After verifying the copy with the original, the original death certificate will be returned by Bank.
      • Certified true copy of photo identity and address proof of the survivor(s). After verification with the original, it will be returned by Bank.
      • Declaration to be taken from the survivor(s) in the form of Annexure A4 of the policy in case there is a delay of more than 3 months in intimation of death of locker holder.
      • Declaration from survivor(s) (Annexure A2).
      • Inventory for release of locker contents.
    • If the nominee(s) / survivor(s) / legal heir(s) wishes to continue with the locker, a fresh contract with nominee(s) / survivor(s) / legal heir(s) will need be executed as per Bank’s internal process for locker opening.

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