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, PAN card, voter ID, government ID card) of the legal heir/survivor/nominee.
- Relationship proof (ration card, legal-heir certificate) that establishes the relationship of the nominee with the deceased.
- Legal heirs of the deceased depositor(s) will needs to submit Probated Will/Succession Certificate/Letter of Administration issued by a competent jurisdiction in India along with the claim form, in case the total claim amount exceeds Rs. 5,00,000/-
- NOC is required as per the respective state’s Stamp Act.
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.