The central bank has waived the condition of obtaining the succession certificate from legal heirs in respect of unclaimed deposit refund of deceased account holders and beneficiaries of instrument of Rs100,000 and below. In order to facilitate legal heirs of deceased account holder/beneficiary of instrument in obtaining petty amount claims, without going into cumbersome process of obtaining succession certificates, it has been decided that all banks and DFIs can initiate and submit refund claims cases of the deceased account holders/ beneficiaries of instrument of Rs100,000 and below to State Bank of Pakistan (SBP) without obtaining the succession certificate, if they have examined the refund claim and satisfied themselves about the genuineness of the legal heirs, said an SBP circular issued Tuesday.
For the purpose, the banks and DFIs would obtain indemnity bond on appropriate value of stamp paper from the legal heirs of deceased account holders and beneficiaries of instrument along with two personal guarantees. This would also be accompanied by application from all the legal heirs and copies of CNICs and death certificate of account holder/beneficiary of instrument. The indemnity bond has to be invariably signed by all the legal heirs. Further, the banks and DFIs would also indemnify SBP on Rs100 non-judicial stamp paper regarding any risk and/or loss and legal cost in the matter, the circular said.