Branch Stories: names and personal details have been changed. Based on situations we see in Indian bank branches.
Savitri ji came to the branch for the first time three weeks after her husband passed away. She had never been inside a bank alone. Her husband, Mohan ji, had handled everything.
She brought a plastic bag with his passbook, an FD receipt for about ₹6 lakh and the death certificate.
“Beta, he said this money is for me if anything happens. What do I have to do?”
I checked the account. Then I checked again, hoping I had missed something.
No nominee.
Why one blank field matters so much
When there is a nominee, the bank can usually settle the claim quickly, with the death certificate, KYC of the nominee and a claim form. Often within days or a couple of weeks.
When there is no nominee, the bank must make sure the money goes to the rightful legal heirs. So it asks for more: proof of legal heirs, an affidavit, an indemnity, and sometimes a succession certificate from a court, depending on the amount and the bank’s rules.
Savitri ji had two sons. One lived abroad. Getting everyone’s signatures, affidavits and documents together took time. There were trips to the notary, the tehsil office for the legal heir certificate, the branch again, and photocopies of everything, three times.
It took almost six months. The money was hers all along. It just couldn’t reach her easily.
On her last visit, she said something I still remember: “He took care of everything. Bas ye ek kaam reh gaya.”
A bigger problem than we think
Many accounts are simply forgotten when families don’t know they exist. Unclaimed bank deposits that were transferred to RBI’s Depositor Education and Awareness (DEA) Fund reached ₹98,073 crore by January 2026. Families can search for such accounts on RBI’s UDGAM portal and then claim them through the bank.
Good news: up to four nominees now
From 1 November 2025, bank customers can register up to four nominees for deposit accounts and lockers, and choose how the money is shared. This makes it easier to plan for a spouse and children together.
What went wrong
- The FD was opened years ago without a nominee, and nobody checked again.
- Only one person in the family understood the family’s bank accounts.
- There was no list of accounts, FDs and policies at home.
Banker’s advice
- Check nomination on every account, FD, locker and investment today. It takes five minutes at the branch or in your bank app.
- Use the new option to add up to four nominees if you want to include more family members.
- Keep a simple family money list: bank, account type, branch, FD numbers, policies. Tell your spouse where it is.
- Consider joint accounts with “either or survivor” for household savings.
- Write a will. A nominee receives the money, but a will decides who finally owns it.
- Search UDGAM for forgotten accounts of parents or grandparents.
After Savitri ji’s case, I made it a habit: every FD renewal at my desk, I ask, “Nominee updated hai?” Many customers smile and say it’s not needed. I tell them about Savitri ji. Most of them fill the form.
Claim procedures vary by bank and amount. Please check with your bank for the exact documents required.