Death steals away the living, but it also steals from the ones that it leaves behind. Coping with the loss of a loved one is difficult and we at Kotak cannot claim to ease away all the pain of your grieving process, but we can and will do our best to ease some of the processes related to this unfortunate event.

With that aim, we have compiled this guide to help you, the next of kin, to understand the processes related to claims, the documents that you would need, and the expected turnaround time for the process to be complete. 

Here are a few preliminary things to consider…

  • Documentation requirements may vary according to different scenarios such as:
    • Type of account: Savings, Current, Fixed Deposit, Investment, Demat.
    • Holding pattern in the account.
    • The presence or absence of nomination.
    • Whether account needs to be closed or continued.
  • Usual turnaround time of processing a claim  - 15 days
  • The bank needs to verify documents and go through its checks and controls before settlement of claims.
  • The balance outstanding at the time of the depositor’s demise will be paid to the nominee/claimant, when the documentation for claim settlement is complete.

What one should do if the required documents are not available with the next of kin?

In such cases, please get in touch with the home branch of the deceased depositor. Our branch personnel will guide you about possible alternatives. However, please note that some documents are mandatory and cannot be substituted.

Basic documents required for claim settlement(with/without account nomination) are:

(for singly held Saving and Current accounts, Fixed and Recurring deposits)

  • Death certificate (DC) issued by a municipal authorities/government department. For DC issued outside India, the certificate should be attested by the Indian Embassy located in the country issuing the DC, or the embassy of the country issuing the DC located in India.
  • Identification and address proof (any one of these – passport, driving license, Aadhaar, voter ID) of the legal heir/survivor/nominee.

Please note:
The claim can be rejected basis no/incomplete documentation

How can the claimant track the request?

At the time of submitting the documents at the branch, please ensure you collect the Service Request number. This will help you track the request easily.


Documentation required for claim settlement

Additional points to note

  • The bank will allow premature termination of fixed deposits as per the terms of the contract at the request of the nominee, against valid documentation.
  • The bank will settle claims on the deceased depositor’s account(s)/locker(s) after ascertaining the identity of the nominee/claimant/ survivor(s) through appropriate documentary evidence.
  • Nominee/Claimant/ Survivor(s) would receive payment from the bank as a trustee of the legal heirs of the deceased depositor, i.e., such a payment to him/her/them shall not affect the right or claim that any person may have against the survivor(s)/nominee to whom the payment is made, and that making such payments to the survivor(s)/nominee would constitute a full discharge of the bank’s liability.
  • If there is an order from a competent court restraining the bank from making such a payment, then the bank will make payments in terms of the court order. In a situation where the bank receives an order of this nature after making payments to the survivor/ nominee, the bank will immediately send a letter to the concerned claimant outlining details as to when the payments were made and the details of such survivor/nominee to whom payments had been made.
  • Please submit all claims in the formats that the bank has prescribed. Please ensure that these forms are duly signed by the claimant, clearly stating the mode of disposal.
  • For access to the contents of the locker/safe custody article upon the death  of a locker holder: The process of access to the safe-deposit lockers will be completed at the branch in which the locker is held, with a request from the nominee(s) /survivor(s) of the deceased locker holder.