Condition to obtain succession certificate from legal heirs of deceased account holders valuing up to Rs 100,000 waived

Karachi :  State Bank of Pakistan SBP on Tuesday waived condition of obtaining succession certificate from legal heirs in respect of unclaimed deposit refund of deceased account holders/ beneficiaries of instrument of Rs. 100,000 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/ DFIs can initiate and submit refund claims cases of deceased account holders/ beneficiaries of instrument of Rs 100,000 and below to SBP without obtaining succession certificate, if they have examined refund claim and satisfied themselves about genuineness of legal heirs, CPD Circular Letter No. 1 of 2012 issued to Presidents/ Chief Executives of all Banks/ DFIs said.

For the purpose, banks/ DFIs will obtain indemnity bond on appropriate value of stamp paper from legal heirs of deceased account holders/ beneficiaries of instrument along with two personal guarantees. This will also be accompanied by application from all legal heirs and copies of CNICs and death certificate of account holder/ beneficiary of instrument. Indemnity bond has to be invariably signed by all legal heirs. Further, banks/ DFIs will also indemnify SBP on Rs 100/- non judicial stamp paper regarding any risk/loss and legal cost in the matter. Banks/DFIs shall continue to obtain succession certificates from legal heirs of deceased account holders/ beneficiaries of instrument in all unclaimed deposit refund cases of above Rs 100,000 as usual, according to Circular Letter.

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