Claims of POSB Accounts Standing in the name of persons unheard for more than Seven Years

174. Claims of Accounts Standing in the name of persons unheard for more than Seven Years

Such accounts are to be settled as per provisions of Section 107/108 of the Indian Evidence Act. The nominee / legal heir of a missing depositors has to raise an express presumption of death of the depositor under Section 107/108 of the Evidence Act before competent court. If the court presumes that he/she is dead, then the nominee/legal heir will be entitled for settlement of outstanding amount of the relevant account of the missing depositor in his/her favour.

The following documents shall be obtained along with the claim application form.

1. Copy of the FIR

2. Non-traceable report issued by the Police Authorities or Certificate of Legal Death / Presumption of death issued by Court

3. Letter of Indemnity from the Claimant(s)

Source : CBS Manual Rule No 174, Page No 304