Indemnity Bond Format for Deceased Bank Account Claim

INDEMNITY BOND FOR SETTLEMENT OF DECEASED DEPOSITOR ACCOUNT
(To be executed on Non-Judicial Stamp Paper of requisite value as per State Stamp Act and duly notarized)

THIS INDEMNITY BOND is executed on this _____ day of _______________ 20___ at ___________________,

BY:
1. [NAME OF CLAIMANT/LEGAL HEIR], aged about _____ years, [Relationship: Son/Daughter/Spouse/Parent] of Late [NAME OF DECEASED DEPOSITOR], residing at [RESIDENTIAL ADDRESS OF CLAIMANT] (hereinafter referred to as the "PRINCIPAL OBLIGOR / CLAIMANT", which expression shall unless repugnant to the context include his/her legal heirs, executors, and administrators).

IN FAVOUR OF:
[NAME OF THE BANK], a banking corporation constituted under the applicable banking statutes, having its Head Office at [HEAD OFFICE ADDRESS] and having a Branch Office amongst other places at [BRANCH NAME & ADDRESS] (hereinafter referred to as the "BANK", which expression shall unless repugnant to the context include its successors and assigns).

AND IN THE PRESENCE OF THE FOLLOWING SURETIES:
1. [NAME OF SURETY NO. 1], aged about _____ years, residing at [ADDRESS OF SURETY NO. 1] (hereinafter referred to as "SURETY NO. 1");
2. [NAME OF SURETY NO. 2], aged about _____ years, residing at [ADDRESS OF SURETY NO. 2] (hereinafter referred to as "SURETY NO. 2");
(The Sureties and the Principal Obligor are hereinafter collectively referred to as the "OBLIGORS", which expression shall include their respective heirs, legal representatives, executors, and administrators).

WHEREAS:
1. Late [NAME OF DECEASED DEPOSITOR] (hereinafter referred to as the "DECEASED DEPOSITOR") maintained Savings / Current / Fixed Deposit Account No(s). [ACCOUNT NUMBER(S)] with the said [NAME OF BANK], [BRANCH NAME].
2. The Deceased Depositor departed this life intestate on [DATE OF DEATH] at [PLACE OF DEATH] leaving behind a credit balance of Rs. [AMOUNT IN FIGURES] (Rupees [AMOUNT IN WORDS] Only) standing to the credit of the said account(s).
3. The Deceased Depositor died without registering any nomination in respect of the aforesaid account(s) / the registered nominee predeceased the depositor.
4. The Principal Obligor is the legal heir of the Deceased Depositor and has submitted an application to the Bank requesting the release and payment of the net credit balance standing in the aforesaid account(s) to the Principal Obligor without production of a formal Succession Certificate or Letters of Administration from a competent Court of Law.
5. All other surviving legal heirs of the Deceased Depositor have executed separate Affidavits-cum-No Objection Certificates relinquishing their rights in favor of the Principal Obligor to receive the aforesaid proceeds.
6. The Bank has agreed to entertain the request of the Principal Obligor and release the said sum of Rs. [AMOUNT IN FIGURES] upon the Obligors executing this Indemnity Bond with two solvent independent sureties guaranteeing to indemnify the Bank against all claims, actions, and damages.

NOW THIS INDEMNITY BOND WITNESSETH AND THE OBLIGORS HEREBY COVENANT AS FOLLOWS:
1. INDEMNITY COVENANT (Section 124, Indian Contract Act, 1872):
In consideration of the Bank paying the sum of Rs. [AMOUNT IN FIGURES] standing to the credit of Account No(s). [ACCOUNT NUMBER(S)] to the Principal Obligor without insisting upon a Succession Certificate or Probate from a Court of Law, the Principal Obligor and the Sureties hereby jointly and severally covenant and agree to save harmless and keep indemnified the Bank, its successors, officers, and assigns from and against all claims, demands, actions, suits, proceedings, losses, damages, costs, charges, and expenses whatsoever which the Bank may incur, suffer, or sustain by reason of making such payment to the Principal Obligor.

2. SURETY GUARANTEE & CO-EXTENSIVE LIABILITY (Sections 126 & 128, Indian Contract Act, 1872):
The Sureties hereby unconditionally and irrevocably guarantee the prompt and complete performance of all obligations undertaken by the Principal Obligor. The liability of the Sureties under this Bond shall be joint and several and co-extensive with that of the Principal Obligor. The Bank shall be entitled to proceed against the Sureties or either of them without first exhausting its remedies against the Principal Obligor.

3. REIMBURSEMENT OF COSTS & DEFENSE (Section 125, Indian Contract Act, 1872):
In the event of any third party or rival claimant instituting any legal proceedings against the Bank for recovery of the said deposit balance, the Obligors shall immediately, upon notice from the Bank, defend such suit at their own cost and expense, or reimburse to the Bank all sums, including legal counsel fees, court expenses, and any decree amount that the Bank may be compelled to pay.

4. REPRESENTATION OF LEGAL STATUS:
The Principal Obligor hereby solemnly affirms that the facts stated in the claim application are true and correct, and that there are no other legal heirs, minors, or claimants entitled to a share in the estate of the Deceased Depositor other than those disclosed to the Bank.

IN WITNESS WHEREOF, the Principal Obligor and the Sureties have executed this Indemnity Bond on the day, month, and year first written above.

SIGNATURES:

________________________________________
(PRINCIPAL OBLIGOR / CLAIMANT)
Name: [NAME OF CLAIMANT]
Aadhaar No: [AADHAAR NUMBER]
PAN No: [PAN NUMBER]

SURETIES:

1. ______________________________________
Signature of Surety No. 1
Name: [NAME OF SURETY NO. 1]
Address: [ADDRESS OF SURETY NO. 1]
Occupation: [OCCUPATION / EMPLOYER]
Net Worth / ITR Annual Income: Rs. [AMOUNT]

2. ______________________________________
Signature of Surety No. 2
Name: [NAME OF SURETY NO. 2]
Address: [ADDRESS OF SURETY NO. 2]
Occupation: [OCCUPATION / EMPLOYER]
Net Worth / ITR Annual Income: Rs. [AMOUNT]

WITNESSES:
1. Signature: ___________________________
   Name & Address: ______________________
2. Signature: ___________________________
   Name & Address: ______________________

ATTESTATION BEFORE NOTARY PUBLIC:
Sworn and signed before me on this _____ day of _______________ 20___ by the above-named Principal Obligor and Sureties, who are identified before me by Advocate / Documents.
[NOTARY PUBLIC SEAL, REGISTRATION NUMBER & SIGNATURE]

INDEMNITY BOND FOR RELEASE OF SAFE DEPOSIT LOCKER CONTENTS OF DECEASED HIRER
(To be executed on Non-Judicial Stamp Paper of requisite value as per State Stamp Act and duly notarized)

THIS INDEMNITY BOND is executed on this _____ day of _______________ 20___ at ___________________,

BY:
[NAME OF CLAIMANT/LEGAL HEIR], aged about _____ years, [Relationship] of Late [NAME OF DECEASED LOCKER HIRER], residing at [RESIDENTIAL ADDRESS] (hereinafter called the "CLAIMANT / PRINCIPAL OBLIGOR");

AND
1. [NAME OF SURETY NO. 1], residing at [ADDRESS OF SURETY NO. 1];
2. [NAME OF SURETY NO. 2], residing at [ADDRESS OF SURETY NO. 2];
(hereinafter collectively called the "SURETIES");

IN FAVOUR OF:
[NAME OF BANK], having its Branch Office at [BRANCH NAME & ADDRESS] (hereinafter called the "BANK").

WHEREAS:
1. Late [NAME OF DECEASED HIRER] was the sole hirer of Safe Deposit Locker No. [LOCKER NUMBER] maintained at the [BRANCH NAME] Branch of the Bank.
2. The Locker Hirer died intestate on [DATE OF DEATH] leaving no registered nomination in respect of the said Locker.
3. The Claimant is the legal heir of the deceased and has requested the Bank to deliver the contents of the said Locker to the Claimant without insisting on a Succession Certificate or Probate.
4. The key of the locker is available / missing (requiring break-open as per RBI operating procedure in the presence of an independent committee and valuer).
5. The Bank has agreed to permit opening of the Locker and handover of contents subject to execution of this Indemnity Bond with two solvent sureties.

NOW THIS BOND WITNESSETH AS FOLLOWS:
1. The Claimant and Sureties jointly and severally undertake to indemnify and hold harmless the Bank, its management, and officers against all claims, suits, demands, and costs arising out of opening the locker and delivering the articles to the Claimant.
2. An inventory of all articles found inside the locker shall be prepared in duplicate in the presence of two independent witnesses, the Bank Custodian, and a Government Approved Valuer (for gold/jewelry), signed by all present.
3. In case any other legal heir, creditor, or claimant establishes a legitimate title or claim over the contents, the Obligors shall reimburse the full assessed value together with legal expenses incurred by the Bank.

IN WITNESS WHEREOF, the parties hereto have set their hands on the date first mentioned above.

Principal Obligor: _______________________
Surety 1: _______________________________
Surety 2: _______________________________
Witness 1: ______________________________
Witness 2: ______________________________
[NOTARY ATTESTATION & SEAL]

AFFIDAVIT-CUM-NO OBJECTION CERTIFICATE (NOC) BY LEGAL HEIRS
(To be executed on Non-Judicial Stamp Paper of Rs. 100/- or as per State Stamp Act and sworn before Notary Public)

I/We,
1. [NAME OF LEGAL HEIR 1], aged _____ years, [Relationship: Daughter/Son/Spouse], residing at [ADDRESS];
2. [NAME OF LEGAL HEIR 2], aged _____ years, [Relationship: Daughter/Son/Spouse], residing at [ADDRESS];
do hereby solemnly affirm and state on oath as under:

1. That Late [NAME OF DECEASED DEPOSITOR] passed away intestate on [DATE OF DEATH] at [PLACE OF DEATH].
2. That the Deceased was our [Father/Mother/Husband/Wife] and maintained Account No(s). [ACCOUNT NUMBERS] with [NAME OF BANK], [BRANCH NAME].
3. That the following persons are the only surviving Class-I / legal heirs of the Deceased:
   (a) [Name of Heir 1] - [Relationship] - [Age]
   (b) [Name of Heir 2] - [Relationship] - [Age]
   (c) [Name of Claimant Heir] - [Relationship] - [Age]
4. That I/We do not desire to claim any share in the credit balance of Rs. [AMOUNT] lying in the aforesaid account(s) of the Deceased.
5. That I/We have NO OBJECTION whatsoever if the entire proceeds/credit balance standing in the said account(s) are released and paid solely to [NAME OF CLAIMANT HEIR] by the Bank.
6. That the payment made by the Bank to the said [NAME OF CLAIMANT HEIR] shall be a full, valid, and absolute discharge to the Bank against all our claims and demands.

DEPONENT(S):
1. _________________________________
2. _________________________________

VERIFICATION:
Verified at [PLACE] on this _____ day of _______________ 20___ that the contents of paragraphs 1 to 6 of this Affidavit are true and correct to our knowledge. No part is false and nothing material has been concealed.
[DEPONENT SIGNATURES]
[SWORN BEFORE NOTARY PUBLIC WITH SEAL]