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SB/SC Claim settlement

SB/SC Claim settlement. Basics for claims. On death of depositor/investor Settled on the basis of the following Nomination Legal Evidence Other (No nomn, no legal evidence up to balance of Rs.1 lac). Basics for claims…. Note remarks in PO records LC/LBB Nomination register

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SB/SC Claim settlement

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  1. SB/SC Claim settlement

  2. Basics for claims • On death of depositor/investor • Settled on the basis of the following • Nomination • Legal Evidence • Other (No nomn, no legal evidence up to balance of Rs.1 lac)

  3. Basics for claims… • Note remarks in PO records • LC/LBB • Nomination register • S/S book/SB-3

  4. Basics for claim… Legal Evidence Probate of will Succession Certificate Letter of administration

  5. Savings Certificates

  6. Basics for claims • Limit of 3 months ( Others, where both nomination & legal evidence are not available) • Application should be accepted only after 3 months from the date of death • Give full details of documents to be furnished by the claimant as mentioned in the next slides

  7. Savings Certificate

  8. On the basis of Nomination • Application in prescribed format NC - 14 • Two witnesses compulsory • Proof of ID and address as required by KYC norms • Verify with nomination register • No further inquiry necessary • Issue sanction with in 7 days • No limit for issue of sanction • In the prescribed format • Copy endorsed to all concerned

  9. On the basis of Nomination… • Send the sanction memo by Service Insured Post. • Pay the amount by crossed cheque only • Note date of payment • Claim register • Concerned records

  10. On the basis of legal evidence • Application in the prescribed format : NC – 15 • Copies of original documents to be attested by Gazetted officer or Sarpanch Gram Panchayat or any responsible officer of Postal Dept. • Limt • T/S SPM Rs.1000 • Others No limit

  11. On the basis of legal evidence… More than Rs.1000/ to be sent to Divisional Office for sanction directly by Insured Post. No further enquiry necessary Sanctioning authority to ensure that the documents are genuine Issue sanction within 7 working days

  12. Others No nomination & legal evidence • Application in prescribed format (NC – 16) with three Annexure • Letter of indemnity (Annexure – I) • Affidavit (Annexure – II) • Letter of disclaimer on Affidavit (Ann.III)

  13. Other… No nomination & legal evidence • Annexure I • Given by all the legal heirs with two sureties • In the presence of two witnesses • Attested by Notary Public • Annexure – II • Given by all the heirs • Attested by Oath Commissioner or by Notary Public • Annexure – III • Given by all the disclaimers • Attested by Oath Commissioner or by Notary Public

  14. Other… No nomination & legal evidence • No further verification necessary • Limit: • T/S SPM Rs.1000 • LSG Rs.2000 • HSG/MDG Rs.5000 • Beyond the limit to be sent to DO by Ins post for N/A.

  15. Other… No nomination & legal evidence • For the purpose of limit, the amount as on the date of death of the holder including interest for completed years or half year • Issue sanction with in 7 working days • Payment through crossed cheque only

  16. Savings Accounts

  17. Savings Accounts

  18. Savings Accounts… • Scrutiny of application • Witness necessary • ID and Address proof as per KYC norms • Verification of balance etc.

  19. Savings Accounts… • Sanction is issued on the application only – no separate sanction memo need be issued. • If the sanctioning authority is other than Sr.PM/PM/SPM sanction memo is necessary • Payment is made obtaining acquittance on the application itself – No separate SB – 7A necessary.

  20. Savings Accounts… • Decide the sanctioning authority • Enter in the claim register if you are the sanctioning authority. If not forward to appropriate authority by Insured Post. • No verification is necessary.

  21. Power for sanctioning claims (SB, RD,TD,MIS,NSS)

  22. Savings Accounts… • For the purpose of limit, the amount as on the date of death of the depositor including interest up to previous financial year.

  23. Savings Accounts… • Issue sanction within Seven working days from the date of receipt • Send by Service Insured Post. • Pay the amount by crossed cheque only • Note date of payment • Claim register • Concerned records

  24. Claim- SCSS

  25. Claim- PPF

  26. Miscellaneous information • Claim case register to be maintained in the prescribed format • Entry of claims should be done immediately on receipt of case in the register or computer system and grant receipt to the claimant

  27. Miscellaneous information… • Post Office should settle the claim within seven working days if claim falls within his financial power • If not forward by service Insured Post on the same day of its receipt • Every administrative office will dispose off the case within seven days of the receipt

  28. Miscellaneous information… • Responsibility will be fixed for delay in settlement beyond 7 working days • Sanction memo will lapse after one year from the date of issue • Deposit can be accepted in Recurring Deposit accounts after the death of depositor, but the amount will be paid to the nominee/legal heir only

  29. Miscellaneous information… • After issue of sanction, the following securities may be transferred to the name of nominee/legal heir • Recurring Deposit • Time Deposit • NSC • KVP • SCSS (if spouse is the nominee)

  30. Exercise 1

  31. Thank YOU

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