Fixed deposit in Union Bank is a great way to make savings and to earn interest on your savings , it is considered as a safe investment option for the middle class in India . While some prefer to invest in Shares , bonds or even precious metal like Gold and Silver but mostly senior citizens prefer to make deposits in the form of Fixed deposits. Due to sudden demise of the depositors or the senior citizens the claimant being the family members have to apply for the deposits to get transferred to their account .
For those holding deposits in Union bank of India and the claimants of the depositors or the legal heirs, it is necessary to follow a particular procedure to claim such deposits in your name. There could be multiple claimants for a single deposit , so to simplify the procedure the Union bank has update its process of claim settlements for deposits made with Union bank.
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Claiming Fixed Deposits with Union Bank After Death of Depositor
There could different situations where the claimants of the depositors for claiming the deposit amount with the banks. If the depositor being a senior citizen or any person , if has registered a nominee to the deposit then there would be a different procedure for application of claim for such deposit transfer . While if the fixed deposit in Union bank has been made without nomination of any person or family member, then such can be claimed after long due diligence with the bank .
The claims with no nomination to the fixed deposit would also be different based on the amount of deposits in the bank . The claimants can be any number and a procedure for filing the claim settlement form is to be filled with the bank authorities.
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Documents for Claiming FD on death of Depositor
The documents for claiming fixed deposit from Union bank include :
- Death Certificate of the demised person.
- Annexure form provided by bank.
- KYC of claimant / Legal heirs / Nominee.
Process of Claiming Fixed Deposit on Death of Depositor
The KYC Documents along with Annexure form is to be filled with the due diligence office of the bank . For filling the form , you can follow the Death claim settlement for deposits form provided in Annexure by bank online. Additional documents as asked by the claiming department is to be submitted to the bank. You can also provide for details of the bank account of the depositor to the bank .
Process Timing for Claiming FD on account of Death of Depositor by legal heirs
Depending on the number of documents asked by the bank and submission of declaration and KYC documents by applicants, the entire process might take upto 1 month timing . While if the amount is low below than 1 lakh , then it can be processed soon by the bank . While for an amount of Rs 1 crore some additional documents is to be submitted to the bank.
Fixed Deposits with Union Bank Claiming in Bank on Death of Depositor
For proper submission of documents and claiming for the deposits without nomination in Union bank of India, then you can take help of a legal attorney or an advocate to file your claim for settlement with the bank to receive all documents and declarations attested by Magistrate and Tehsildar or Govt approved officers.
Essentials to Know before Claiming Settlement of Deposits with Union Bank on Death of Depositor
Before claiming for fixed deposits of your parents or elders who have died due to any reason :
- Get the death certificate prepared as soon as possible .
- Arrange all KYC Documents of the claimants and of the depositors.
- Arrange for all proofs declaring your relation with the died depositor.
- Keep safe all the documents related to deposits of the depositors.
- Income proofs of the depositor during his lifetime.
With Union Bank of India death settlement new procedure within time and with or without nomination on fixed deposits , you can claim it easily with the bank offline.