e-Circular

(Ref: Corporate Centre Letter NoS&P/SD/85 dated. 21.05.2009

Local Head Office, Lucknow

Deptt: BPRIT Circular Letter No.BPR/S&P/07/2009-10 Date: 17 .11.2009 Sl. No. : 227/2009-10

The Dy. General Managers/ Asstt. General Managers/ Chief Managers/ Branch Managers of all branches/offices In Lucknow Circle

Dear Sir/ Madam, SETTLEMENT OF CLAIMS OF THE DECEASED DEPOSITORS TREATMENT OF PIPELINE FLOWS (FUNDS) IN THE NAME OF THE DECEASED DEPOSITOR MODEL OPERATIONAL PROCEDURE Instructions relating to Payment of balance held in deceased constituents account has last been circulated vide circular no. CirDO/OP&SP/13/2006-2007 dated 05.02.2007. 2. Model Operational Procedure for Settlement of Claims of Deceased Depositors brought out by the IBA, covers Treatment of Pipeline Flows in the name of the deceased account holder in its Part IV Simplification of the process for settlement of the claim in deceased depositors' accounts. 3. Treatment of Pipeline Flows (Funds) in the name of the deceased depositor has now been introduced in our Bank. Pipeline Flows (Funds) implies the credits to be received in future in the name of the deceased constituent, for credit to his account maintained with the Bank. 4. The instructions with regard to Treatment of Pipeline Flows (Funds) are given below: i. In order to avoid hardship to the survivor(s) / nominee of a deposit account, the bank may be authorized by the survivor(s) / nominee to return the

pipeline flows (funds) to the remitter with the remark "Account holder deceased" and to intimate the survivor(s) / nominee accordingly. The survivor(s) / nominee / legal heir(s) could then approach the remitter to effect the payment through a negotiable instrument or through ECS transfer or any other suitable mode in the name of the appropriate beneficiary. ii. At the time of settling the claims of deceased depositors the Bank may obtain appropriate authorization from the survivor(s) / nominee in the form of unstamped Letter of Authority with regard to the treatment of Pipeline Flows (Funds) in the name of the Deceased Account Holder, as per Annexure A of this circular. The Letter of Authority with regard to the treatment of Pipeline Flows (Funds) in the name of the Deceased Account Holder, shall be signed by the survivor(s) / nominee or the claimant(s) of the deceased constituent.

iii.

5. Rationale Introducing Treatment of Pipeline Flows (Funds) in the name of the deceased account holder while settling the claims of deceased constituent will go a long way in enhancing customer satisfaction and improving customer service. 6. Please arrange to bring the contents of this circular to the notice of all the staff members concerned. Yours faithfully,

(ARVIND PRIYA) CIRCLE DDEVELOPMENT OFFICER For CHIEF GENERAL MANAGER

INDEX: Under S: Settlement of Claims of the Deceased Depositors

ANNEXURE A Letter of Authority with regard to the treatment of PIPELINE FLOWS (FUNDS) in the name of the Deceased Account Holder, [To be obtained at the time of settling the claims of deceased depositor and to be treated as Annexure to the documents] I/We. . . . Survivor(s) / nominee / claimant(s) of deceased Sh/ Smt.---------------------------(Date of death .....) holder of account(s) number. ..... . ......... ......... ..... .... with .. ...Branch of State Bank of India, state that In order to avoid hardship to the survivor(s) / legal heirs of (deceased) Sh/ Smt. .. with regard to the treatment of pipeline flows (funds) in the name of the deceased account holder, hereby authorize the Branch Manager / Manager of the Division, State Bank of India, .. Branch, to return the Pipeline flows (funds) to the remitter with the remark "Account holder deceased" and to intimate me/us, accordingly to enable me/us to approach the remitter to effect payment through a negotiable instrument or through ECS transfer or any other suitable mode in the name of the appropriate beneficiary. [Signed by the survivor(s) / nominee / claimant(s)] Place: Date: Signed in the presence of witnesses Name Age Occupation Address Signature 1. ... .. ... .... ... ..... .... 2. ... .. .... ... .... .... ..... Place: Date: