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.
(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.
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.
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.
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.
Accounts with balance of Rs. 10 lakhs or above.
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.
The following documents will be required to be submitted by the claimants for opening an estate account
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:
Upon death of karta of HUF, the surviving coparcener and members of HUF can submit the following documents to Bank:
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.
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:
The claimants should provide the following documents to Bank to receive articles from the locker.
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