A succession certificate is not required in the following situations:
When property or assets are jointly owned with the right of survivorship.
When a valid nominee is designated for certain assets (e.g., bank accounts, insurance policies).
Since the interest of the deceased is transferred to the remaining members by survivorship rather than succession, a succession certificate is not required.
I hope you understand when succession certificate is not required.
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Is succession certificate required for immovable property?
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The Succession certificate is issued by a competent court to grant the deceased person’s successor intestate when they don’t leave a legal Will. This certificate provides the certificate holder authority over the securities or debts of the deceased person. The certificate holder can make the payment of the deceased person’s debt as well as the transfer of the deceased person’s securities. Coming back to your questions, read below to know when succession certificate is not required.
When is Succession Certificate Not RequiredAs per Reserve Bank of India circular DBOD BCNo.148 / 09.07.007 / 1999-2000 dated 14-03-2000, it was advised that banks shouldn’t ask for the succession certificate from legal heirs in case of the amount to the credit of deceased depositors is less than Rs. 25000.
Some precautions were specified in the Circular DBOD.No.BC.56 / 09.07.07 / 2000-01 dated 06-12-2000 in terms of which banks may insist upon the succession certificate from deceased depositors’ legal heirs in cases where:
The bank is doubtful about the claimant/s claim being depositor’s only legal heir/s, or
There is a dispute and all legal heirs don’t join in indemnifying the bank
If your amount is less than Rs. 25000, then all the legal heirs can apply for Rs. 25,000. You will have to submit the affidavit on Rs. 100 stamp paper with the application.
You might like these answers as well: When Succession Certificate is required? Is succession certificate required for immovable property? What is intestate succession? How to get succession certificate?I hope now you know when is succession certificate not required.
When succession certificate is not required?
Mehul
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2021-09-27T11:36:06+00:00 2023-04-27T16:35:35+00:00Comment
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