Does the account carry a nominee, or an “either or survivor” clause? Then the bank must simply pay out. It cannot ask you for a court paper or a bond, whatever the amount. The RBI also gives banks 15 days to settle such a claim. You must show proof of death and prove who you are. That one rule removes most of the pain, and most families never hear about it.
Everything hard comes from accounts with no nominee. So the most useful line on this page is not about claims. Go and check your own nominations this week.
What unlocks each type of asset?
| Asset | What unlocks it | Timeline or threshold | Source |
|---|---|---|---|
| Bank deposit with a nominee or “either or survivor” | Death certificate and claimant identification. No succession certificate, probate, indemnity bond or surety, irrespective of the amount | Settle within 15 days of a complete claim | RBI, deceased depositors’ accounts |
| Bank deposit with no nomination | The bank’s board-approved simplified procedure up to its own threshold; legal representation above it | Threshold varies by bank; ask for it in writing | RBI, deceased depositors’ accounts |
| Listed securities held in physical form | Simplified documents accepted up to ₹5,00,000 per listed entity | NOC from all legal heirs or a notarised family settlement deed, plus a notarised indemnity bond | SEBI circular, 18 May 2022 |
| Securities held in demat form | Simplified documents accepted up to ₹15,00,000 per beneficial owner | Same simplified document set | SEBI circular, 18 May 2022 |
| Life insurance | Claim filed with the insurer by the nominee or assignee | Timelines set by IRDAI’s policyholder protection rules | IRDAI |
| Unclaimed bank deposits | Search the RBI’s centralised UDGAM portal | For accounts left dormant for years | RBI |
Read on 6 September 2026. The RBI is blunt on this point. Where there is a nominee or a survivor, banks must not ask for court papers. They must not ask for a bond or a surety either. The size of the balance does not change that.
What do you need before you start?
Collect one set of papers and reuse it. Get several certified copies of the death certificate. Most banks keep one. You will also need your own PAN, Aadhaar and address proof. Bring something that links you to the person who died.
Next, list every place the money sits. Bank accounts and fixed deposits. The demat account and mutual fund folios. Insurance policies, EPF, PPF and small savings. The locker, and any property. The last tax return is usually the fastest way to find them all.
Go to the branch with the whole list, not one account number. Claims made one at a time take months longer.
Why a nominee is not an heir
This causes more family conflict than anything else here. A nominee is the person the bank may pay. A nominee is not always the person who gets to keep the money.
Who owns what is settled by succession law, or by a valid will. So a nominee who is not the only heir holds the money for the estate. They must account for it to the other heirs. A bank that pays the nominee has done its job. That payment does not settle ownership.
What follows is simple. A nomination gets money out fast. A will decides where it ends up. You need both, and they must agree. See nomination rules and wills and succession.
What happens when there is no nomination?
The bank falls back on its own board-approved policy. Most banks set a value limit. Below it, they settle on a short set of papers. That is usually a claim form, a bond and a declaration from the heirs. Above it, they ask for a court order.
Ask the bank for its limit and its list of papers in writing on day one. Banks set different limits and use different forms. Getting it in writing stops the slow drip of fresh demands. That drip is what turns a two-week claim into a six-month one.
SEBI has set the limits centrally for shares and fund units, which helps. The short set of papers works up to ₹5,00,000 per listed company for physical holdings. For demat holdings the limit is ₹15,00,000 per holder. Above that, the full set applies. So demat raises the easy limit threefold. That alone is a reason to convert old paper certificates while the holder is alive. See demat accounts.
The assets families forget
Insurance is claimed with the insurer, not the bank. You will need the policy document. If a policy has lapsed, or the nominee details are old, expect questions. Read why claims get rejected before you file.
Then there is money nobody remembers. An old salary account. A first fixed deposit. A forgotten PPF. Deposits left idle for years are moved out of the bank. You can trace them through the RBI’s UDGAM search portal. It costs nothing to look.
Last, the locker and any items in safe custody. These have their own claim process. It usually needs a list of contents drawn up in front of witnesses. Ask the branch for that process on its own. The deposit claim does not cover it.
Frequently asked questions
Do I need a succession certificate to claim my father’s bank account?
Not if there is a nominee or an “either or survivor” clause. The RBI tells banks to pay the survivor or nominee without a court order. They must not ask for a bond or a surety either. The amount does not matter. If the bank asks anyway, quote that instruction in writing.
How long should a bank take to settle a deceased depositor’s claim?
Not more than 15 days from the day it receives the claim. You must show proof of death and prove who you are. Banks must also report claims pending past that period to their board’s customer service committee. That is a useful thing to mention when a claim stalls.
What if the deceased left no will and no nomination?
Then succession law decides who inherits. The bank will usually want a court order above its own limit. Start by asking for that limit in writing. Below it, a claim form, a bond and heir declarations are often enough.
Can a nominee keep the money?
Only if the nominee is also an heir under a will or under succession law. Otherwise the nominee holds the money for the estate. It must then be shared with the heirs. Nomination decides who is paid. It does not decide who owns.
How do I trace accounts I do not know about?
Start with the last tax return, Form 26AS and any statements you can reach. Interest and dividends leave a trail. For idle bank deposits, search the RBI’s UDGAM portal. For shares, the registrar can confirm holdings against a PAN.
Sources
- RBI, settlement of claims in respect of deceased depositors: rbi.org.in
- SEBI, simplification of procedure and standardisation of formats for transmission of securities, 18 May 2022: sebi.gov.in
- RBI, nomination and settlement guidance for depositors: rbi.org.in
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