What is Affidavit for Claim Settlement in Bank: Meaning, Types, Purpose and Format in 2026

Navigating financial formalities after a loved one's death can be overwhelming, especially when accessing bank assets. Banks follow strict procedures to protect funds, releasing them only to rightful heirs. The affidavit for claim settlement in a bank is a crucial legal document, serving as a sworn declaration of the claimant's identity and relationship to the deceased. It helps prevent legal disputes or fraud. Whether it is for transferring savings, closing fixed deposits, or accessing locker contents, understanding what affidavit for claim settlement in a bank is is the first step toward a smooth transition of assets. 

What Is an Affidavit for Claim Settlement in a Bank? 

An affidavit for claim settlement in a bank is a sworn declaration used by heirs to claim a deceased person's assets. Signed before a notary, it legally confirms the claimant's identity and right to the funds. Banks mandate this document to validate claims and prevent future disputes, ensuring that assets like savings or deposits are released securely to the correct beneficiary.

When Is an Affidavit Required for Bank Claim Settlement? 

Not every banking transaction requires an affidavit, but specific scenarios trigger this mandate to ensure legal compliance and security of funds. [1]

• Death of account holder: Mandatory to transfer assets when the primary holder passes away.
• No nominee registered: Important when the deceased did not appoint a nominee, leaving the bank to identify legal heirs.
• Joint account holder deceased: Required to remove the deceased's name or close the account.
• Fixed deposit or locker claims: Essential for liquidating term deposits or accessing locker contents without a will.
• Missing account holder cases: Needed if an account holder has been missing for over seven years (presumed dead).

Types of Bank Claims That Require an Affidavit 

Different banking assets have varying requirements for claim settlement. Here is a breakdown of when an affidavit becomes necessary. [2]

Who Can Submit an Affidavit for Bank Claim Settlement? 

Determining who has the authority to sign and submit the bank affidavit is important to avoid rejection of the claim. [3]

• Legal heirs: Spouse, children, or parents as defined under the succession laws applicable to the deceased.
• Nominee (in some instances): If the nomination exists, they can claim, but an indemnity affidavit might still be needed.
• Surviving joint holder: In "Either or Survivor" accounts, the survivor acts as the claimant.
• Court-appointed legal representative: An executor of a will or an administrator appointed by the court.

Components of a Bank Claim Settlement Affidavit 

A valid bank affidavit format must be comprehensive and error-free. Missing details can delay fund release. [4]

• Name of claimant(s): Full legal name, age, and address of the person making the claim.
• Details of deceased account holder: Name, date of death, and last known address.
• Relationship declaration: A clear statement of how the claimant is related to the deceased.
• Account/FD/locker details: Specific account numbers, customer IDs, and branch details.
• Claim statement: A declaration that the deponent is the rightful receiver of the assets.
• Declaration of truthfulness: A standard clause stating that facts are true and that no information is concealed.
• Signature + notary attestation: The deponent's signature verified by a seal and stamp of a notary.

How to Draft an Affidavit for Bank Claim Settlement 

Creating a legally sound affidavit for bank account claims involves a systematic process. Following these steps ensures the bank manager accepts your document. [5]

Step 1: Draft the Affidavit

Draft an affidavit using either bank's standard templates or consult a legal expert. Ensure it explicitly mentions the deceased's name, date of death, and details of all accounts (savings, current, and FD) being claimed.

Step 2: Use Proper Stamp Paper

Print the affidavit on non-judicial stamp paper. The value depends on the state where the affidavit is executed (typically ₹20 or ₹100). Using the correct value is essential for the document's legal admissibility.

Step 3: Attach Supporting Documents

Attach self-attested copies of the death certificate, the claimant's KYC documents (Aadhaar/PAN), and proof of relationship with the affidavit.

Step 4: Notarize the Affidavit

The claimant must sign the affidavit in the notary's presence. The notary will verify the identity proofs and affix their official seal and stamp, formally attesting the document.

Step 5: Submit to the Bank

Submit the original notarized affidavit bank statement along with the bank's claim application form (often called the Deceased Claim Form) to the branch manager for processing.

Notarization of Bank Claim Settlement Affidavit 

Notarization acts as a fraud-prevention mechanism, giving the affidavit for a deceased bank account its legal backbone. [6]

• Why is it mandatory: It confirms that the signature on the document is genuine and made voluntarily by the identified person.
• Who can notarize: A qualified Notary Public appointed by the state or central government, or an Executive Magistrate.
• Validity after notarization: A notarized affidavit is valid indefinitely for the specific purpose it was created, unless facts change.
• Difference between notarized and non-notarized affidavits: A simple self-declaration on plain paper has little evidentiary value in court, whereas a notarized one is a recognized legal document that banks rely on for indemnity.

Fees and Timeline for Bank Claim Settlement Affidavit 

Preparing a bank claim affidavit typically costs between ₹200 and ₹500, covering stamp paper and drafting, with notary fees adding another ₹50 to ₹200. Banks generally process settlements within 15 days of submission per RBI guidelines, though incomplete documentation or disputes among heirs can significantly prolong this timeline.

AFFIDAVIT FOR CLAIM SETTLEMENT IN BANK FORMAT

(For Claim Settlement in Bank)

I, _________________________,
Son/Daughter/Wife of _________________________,
Age _____ years,
Resident of ________________________________________________________,
do hereby solemnly affirm and declare on oath as follows:

1. That _________________________ (name of the deceased account holder) was maintaining Savings/Current/FD/RD Account No. __________________ with _________________________ Bank, __________________ Branch.
2. That _________________________ expired on _________________________ at _________________________. A copy of the Death Certificate is enclosed.
3. That I am the _________________________ (relationship) of the deceased and am entitled to receive the claim amount lying in the above-mentioned account.
4. That the deceased did not nominate any nominee / the nominee is not available (strike out whichever is not applicable).
5. That there is no legal impediment to my receiving the said claim amount and no other person has a better claim than mine.
6. That I hereby undertake to indemnify and keep the Bank indemnified against any future claims, disputes, or demands made by any other person in respect of the said amount.
7. That the statements made herein are true and correct to the best of my knowledge and belief, and nothing material has been concealed.
8. That this affidavit is executed for the purpose of settlement of claim by the Bank.

DEPONENT
(Signature of Claimant)
Name: _________________________
Date: _________________________
Place: ________________________

VERIFICATION

I, _________________________, the deponent above named, do hereby verify that the contents of this affidavit are true and correct to the best of my knowledge and belief.

Verified at _________________________ on this _____ day of _______, 20.

DEPONENT

Notary Attestation

Sworn and signed before me on this _____ day of _______, 20 at _________________________.

Signature & Seal of Notary Public

Bank Claim Settlement Process Using an Affidavit 

The operational flow within the bank after you submit the bank statement affidavit involves several verification stages. [5]

• Submission of affidavit: The claimant hands over the claim form, affidavit, and death certificate to the branch.
• Bank verification: The bank officer verifies the account details, the deceased's signature (if applicable), and the authenticity of the documents.
• Additional document checks: For high-value claims, the bank’s legal department may scrutinize the affidavit and indemnity bond.
• Approval and fund release: Upon approval, the funds are transferred to the claimant’s account, or a demand draft is issued.

How NoBroker Can Help With Bank Claim Settlement Affidavits?

Dealing with legal paperwork during a difficult time can be stressful. NoBroker simplifies the creation of an affidavit for bank account claims with our expert legal services. We provide a fully digital, hassle-free experience where you can draft your affidavit online using legally compliant templates. We then deliver the valid, notarized affidavit directly to your doorstep. This eliminates the need for you to hunt for lawyers or visit notary offices, allowing you to focus on what matters most while we handle the documentation for your bank claim settlement.