Deceased / Missing Depositors Policy

The document outlines the policies and procedures for accounts of Deceased Depositors and Missing Persons, at CTBC Bank Co., Ltd., New Delhi Branch (CTBC).

Claims, under this Policy uptill a threshold of INR 25000/- can be disposed of by the Branch Head subject to receipt of necessary documents from the claimants, as provided in this Policy hereafter.

All claims in excess of INR 25000 with regard to Deceased Depositors and Missing persons will be made only after receipt of legal opinion and clearance from the bank's legal consultant in New Delhi branch.

The bank should endeavour to settle all claims under this Policy from a "Survivor or Nominee" within 15 working days.

Deceased Depositors Policy

The deposit accounts where the notification of the death of the customer has been received shall be immediately marked "DEBIT" control to avoid any debits to the account. OM shall release the "DEBIT" control only on receipt of the written confirmation from the legal counsel that the funds can be released to the nominee or any other person nominated for that purpose.

For settling deceased account the following procedure has to be followed:

1. Intimation or a letter has to be obtained about the death of the account holder from the legal heir / heirs.
2. A claim form as designed by the branch has to be obtained from the legal heirs.
3. Original copy of death certificate to be obtained as issued by the local authorities.
4. Passbook / chequebook / deposit receipt if available has to be obtained.
5. An affidavit from the legal heirs has to be obtained wherein an undertaking or declaration has to be given that they are the real legal heirs and claimants of the balances.
6. Any other documents as suggested by bank legal counsel shall be obtained.
7. The documents obtained have to be referred to the legal counsel and the claim has to be settled after completing the necessary formalities as suggested by him.
8. In case if there is a nomination in an account. According to the local regulations in force, after the bank has properly identified the nominee, the balance in the deceased account may to be settled in favour of the nominee after approval of the Operations Manager.
9. Interest on Deceased Depositor's Accounts: In the event of the death of the depositor before the date of maturity of the deposit and the amount of the deposit is claimed after the date of maturity, the bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the bank shall pay simple interest at the applicable rate operative on the date of maturity, for the period for which the deposit amount remained with the bank beyond the date of maturity. However, in case of death of the depositor after the date of maturity of the deposit, the bank shall pay interest at saving deposit rate operative on the date of maturity till the date of payment.

Operating Procedures for Deceased Accounts

Payment of Cheque
The bank is allowed to accept, pay, or collect an item or account for its proceeds until the bank has actual knowledge of the death of a customer. Even with knowledge of the death of a customer or any person authorised to sign cheques or make withdrawals, the bank may pay checks that have been issued prior to the death of the customer. Cheques may be paid under the following conditions:

1. Cheques must appear to be drawn for an amount and for a purpose that indicates payment of a just obligation of the decedent.
2. Cheques have been drawn prior to the death of the customer.
3. The Bank must have been furnished with a certified copy of the death certificate.

In the event where (1), (2) and (3) mentioned above cannot be met or if the person contacted makes any objection to payment of the checks, the item(s) should be dishonoured and returned marked "Deceased".

Payment to Executor or Administrator
The property of a deceased person may only be released to the duly appointed executor or administrator of the decedent's estate. Documents submitted by Executor or Administrator payment will be released as per the advise of the legal advisor only after the verification of the document s suggested by the legal advisor.

Payment to the Nominee
In case the deceased has nominated any person in his deposit opening forms or a separate request has been given to the bank in the nomination form then the assets of his saving /term deposit/current account (individual accounts) can be released to the nominee after his death on verifying the following:

1. Properly identifying the nominee /claimant.
2. Death certificate issued by the municipal corporation or any other relevant body competent to issue such certificates.
3. The request from the nominee to pay the amount of deposits.
4. An affidavit on a stamp paper undertaking and declaring that the claimant is the true nominee and will be responsible for all the consequences as per the local laws applicable on such claims and amount so received.

Missing Persons Policy
The deposit accounts where the notification of "Customer Missing" has been received shall be immediately marked "DEBIT" control to avoid any debits to the account. OM shall release the "DEBIT" control only on receipt of the written confirmation from the legal counsel that the funds can be released to the nominee or any other person nominated for that purpose.

The procedure of releasing funds for Missing Person's Accounts will be the same for Deceased Persons and will be based on the legal opinion from the bank's legal consultant.