Claiming Access to Deceased Bank Accounts, Bank Collateral, Assets, and Lockers: A Guide for Legal Heirs

By Usman Ahmad Jattala 

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 the deceased account holders/ beneficiaries of instrument of Rs. 100,000 and below without obtaining the succession certificate.

The banks will obtain indemnity bond on appropriate value of stamp paper from the legal heirs of the deceased account holders/beneficiaries of instrument along with two personal guarantees. 

The banks/DFIs shall continue to obtain succession certificates from the legal heirs of the deceased account holders/beneficiaries of instrument in all unclaimed deposit refund cases of above Rs. 100,000 as usual, according to the Circular Letter.

SBP Facilitates Refund Claim Process for Deceased Account Holders' Legal Heirs

The State Bank of Pakistan (SBP) has introduced measures to simplify the refund claim process for legal heirs of deceased account holders or beneficiaries of instruments, considering two different scenarios based on the amount involved.

For Amounts Up to Rs. 100,000:

SBP has waived the requirement of obtaining a succession certificate from legal heirs for refund claims of deceased account holders/beneficiaries valued at Rs. 100,000 and below. Instead, banks/DFIs will require the following documents:

1. Indemnity bond on stamp paper worth Rs. 200 from legal heirs

2. Death certificate of the deceased

3. Family Registration Certificate (FRC)

4. CNIC (Identity Card) of the deceased

5. CNIC (Identity Card) of the heirs

6. Two independent witnesses

For Amounts Above Rs. 100,000 (Involving Bank Collateral or Bank Lockers):

For refund claims exceeding Rs. 100,000 or those involving bank collateral or bank lockers, the following additional documents are required:

1. NADRA Succession certificate /  "Dawa istaqrar e haq" (if there is a minor involved) in the Family Registration Certificate (FRC), or for locker claims

2. Death certificate of the deceased

3. Family Registration Certificate (FRC)

4. CNIC (Identity Card) of the deceased

5. CNIC (Identity Card) of the heirs

6. Two independent witnesses

What is NADRA Succession Certificate ?

A NADRA Succession Certificate is a legal document issued by the National Database and Registration Authority (NADRA) in Pakistan. It serves to establish the rights of legal heirs to claim and manage the movable and immovable assets of a deceased person. This certificate is crucial for the distribution of the deceased’s assets, such as bank deposits, shares, and property, among the rightful heirs without the need for court involvement.

The certificate helps streamline the process of transferring ownership of the deceased’s assets to their successors, ensuring a more efficient and less burdensome experience during a time of loss. For more detailed information, it’s recommended to visit the official NADRA website or the specific project site related to succession certificates.

Dawa istaqrar e haq ?

 refers to a legal term in Pakistani law, which translates to a "declaratory suit for the establishment of a right." It is a type of lawsuit where an individual seeks a court's declaration to affirm their legal right or title over a certain matter or property without any accompanying claim for damages or other relief¹. This legal action is typically pursued when a person's right or title is denied or contested, and they wish to establish their entitlement in the eyes of the law. It's a preventive measure to avoid future disputes over the said right.

Locker Access: 

 If the deceased left a will, the executor named in the will is responsible for handling the estate, including the locker. If there is no will, the court may appoint an administrator.