[Resolved]  Stock Holding Corporation Of India — unnecessary demanding succession certificate when indemnity should be acceptable

Address:

Ahmedabad, Gujarat

For account of deceased and no nominee or no will
All other banks use indemnity cum affidavit procedure up to 40 lakhs e. G. Bank of india so depositors legal heirs do not put undue hardship. These banks pay to legal heirs without insisting legal documents. But shcil does not want to adapt this and do not want to help legal heirs and wants to give hard time to legal heirs. Shcil unnecessary demand succession certificate for account worth more than 5 lakhs and less than 40 lakhs.

My father has account at ahmedabad office for more than 5 lakhs worth of stocks but less than 40 lakhs. Shcil do not want to use indemnity cum affidavit procedure and unnecessary demanding succession certificate.

Please wake up and keep updated current rules regulation with other banks in industry.

See example from bank of india
https://www.bankofindia.co.in/PageMenuDocs/KMBT[protected].pdf
5.1.7 in the absence of nomination and when there are no disputes among the claimants, the bank will pay the account balance amount of the deceased account holder (S) against joint application and indemnity by all the legal heirs or the authorised representative mandated by all the legal heirs to receive the payment on their behalf, without insisting on legal documents up to the limit of rs. 40 lakh approved by the bank’s board. This is to ensure that the depositors are not put to undue hardship on account of delays in completing legal formalities.