RBI Simplifies Procedure for Settlement of Claims of Deceased Depositor at UCBs

UBD.BPD.(PCB)CIR No. 10/13.01.000/2013-14

September 5, 2013

The Chief Executive Officers of
All Primary (Urban) Co-operative Banks

Madam/Dear Sir,

Settlement of Claims of Deceased Depositor – Simplification of Procedure Placing of claim forms on bank™s website

Please refer to our circular UBD.BPD.(PCB).Cir.No.32/13.01.000/2012-13 dated January 21, 2013 advising all Urban Co-operative Banks (UCBs) to instruct their branches to follow simplified procedure for settlement of claims of deceased depositors as specified in our circular UBD.BPD.Cir.No.4/13.01.00/2005-06 dated July 14, 2005.

2. Further, with a view to facilitating timely settlement of claims on the death of a depositor, banks are advised to provide claim forms for settlement of claims of the deceased™s account(s), to any person/s who is/are approaching the bank / branches for this. UCBs having website may also place the claim forms on their website prominently so that claimants of the deceased depositor can access and download the forms without their having to visit the concerned bank/branch for obtaining such forms for filing claim with the bank.

Yours faithfully,

Principal Chief General Manager

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