What is the amount below which succession certificate is not required?
A woman's husband passed away and she wanted to inherit the money in his bank account. When we approached the bank the bank asked for succession certificate to transfer the money to her account. As i am aware of the RBI guidelines that amount above 10lacs only requires succession certificate. What is the amount below which succession certificate is not required for getting the money transferred as RBI?
In terms of RBI circular DBOD BCNo.148/09.07.007/1999-2000 dated March 14,2000, it was advised that banks should not insist upon succession certificate from legal heirs where the amount to the credit of deceased depositors does not exceed Rs.25,000.
Certain safeguards were stipulated in our Circular DBOD.No.BC.56/09.07.07/2000-01 dated December 6 , 2000 in terms of which banks may call for succession certificates from legal heirs of deceased depositors in cases where
A. There are disputes and all legal heirs do not join in indemnifying the bank,or
B. The bank has reasonable doubt about genuineness of the claimant/s being the only legal heir/s of the depositor.
If your amount does not exceed Rs25,000/- then all the legal heir can apply for Rs25,000/- and along with application you are also required to submit affidavit on Rs.100 stamp paper.
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