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Kagaznama

Indemnity Bond for Deceased's Bank Claim

At a glance

Price: Free
Stamp duty: Chargeable as a Bond under Schedule 1-A of the Indian Stamp Act, 1899 as applicable to Punjab, and under the corresponding entry of that Schedule as applicable to the Union Territory of Chandigarh.
Registration: Not compulsorily registrable.
Witnesses: Two witnesses to the signatures of the Claimant(s) and any surety are provided for below, consistent with normal practice for executing a bond; some banks ask for the witnesses to be account holders at the same branch or to be otherwise known to it — confirm before the appointment.

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Also called

Indemnity Bond for Claiming Deceased's Bank Account
Bank Indemnity Bond
Deceased Depositor Claim Indemnity
Letter of Indemnity to Bank
मृतक के बैंक दावे हेतु क्षतिपूर्ति बॉन्ड
बैंक इंडेमनिटी बॉन्ड
ਮ੍ਰਿਤਕ ਦੇ ਬੈਂਕ ਦਾਅਵੇ ਲਈ ਮੁਆਵਜ਼ਾ ਬਾਂਡ

When you need it

An account holder has died, no nominee covers the balance, and the legal heirs want the bank to release it without going to court first for a succession certificate, letters of administration or probate. Most banks allow this below a threshold fixed by their own board-approved policy — sometimes with a surety, sometimes without one — in exchange for an indemnity bond from the claiming heir(s): a promise to make the bank good if somebody else later turns out to have a better right to the money.

This bond does not decide who the legal heirs actually are — it assumes that question is settled, by a legal heir certificate or otherwise, and simply protects the bank for paying out on that basis without a court order. Where heirship itself is disputed, a bank will commonly decline this route regardless of what this bond says. Not for a claim above the bank's own threshold, or one the bank has told you needs a succession certificate — ask the branch first what route it will accept before preparing this bond.

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See stamp duty, registration and witnesses

What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

Chargeable as a Bond under Schedule 1-A of the Indian Stamp Act, 1899 as applicable to Punjab, and under the corresponding entry of that Schedule as applicable to the Union Territory of Chandigarh. Duty on a bond is ordinarily ad valorem on the sum secured, but banks commonly prescribe their own fixed stamp paper value for a deceased-depositor indemnity of this kind, within their board-approved policy, and accept that value in practice rather than insisting on the ad valorem figure. Use the value the bank's own format specifies if it gives one; otherwise confirm the ad valorem rate with the stamp vendor or Sub-Registrar before buying the stamp paper.

Registration

Not compulsorily registrable. A bank balance is money, not immovable property, so section 17 of the Registration Act, 1908 — which reaches instruments affecting rights in immovable property — does not apply to this Bond regardless of the amount involved. It is simply handed to the bank and kept on the bank's own file.

Notarisation

Banks commonly ask for the Claimant's (and any surety's) signature to be verified by the branch itself, and separately for any accompanying affidavit of legal heirship to be sworn before a Notary Public or an Oath Commissioner. Ask the specific branch what it wants notarised and what it will verify itself before the appointment.

Witnesses

Two witnesses to the signatures of the Claimant(s) and any surety are provided for below, consistent with normal practice for executing a bond; some banks ask for the witnesses to be account holders at the same branch or to be otherwise known to it — confirm before the appointment.

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Sample preview — placeholder answers, not your data

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INDEMNITY BOND

This Indemnity Bond is executed at Ludhiana on 2 April 2026

Rajinder Lal, son of the deceased account holder named below, resident of House No. 44, Model Gram, Ludhiana 141002, PAN X, and X, resident of X (the "Claimant(s)", which expression includes their respective heirs, executors, administrators and legal representatives)

IN FAVOUR OF

Punjab National Bank, Feroze Gandhi Market Branch, Ludhiana 141001 (the "Bank").

WHEREAS:

A. Harbans Lal, son/daughter/wife/husband of Late Sh. Om Parkash, held a savings account

bearing account number 001234567890 with the Bank at its branch stated above.

B. Harbans Lal died on 1 April 2026, Death Certificate No. LDH/2025/018842, without the Bank having received any nomination in respect of the said account covering the balance now claimed.

C. The Claimant(s) claim the balance standing to the credit of the said account, amounting to ₹3,20,000 (Rupees Three Lakh Twenty Thousand only), as legal heir(s) of the deceased, on the basis of a legal heir certificate, particulars of which are given below

Issued by the Sub-Divisional Magistrate, Ludhiana, No. LHC/2025/6631 dated 2 August 2025

D. The other legal heirs of the deceased, besides the Claimant(s), are: Sunita Devi, daughter of the deceased, House No. 61, Model Gram, Ludhiana

E. All other legal heirs join in executing this Bond as co-indemnifiers, having signed below.

F. The Bank has agreed to release the said balance to the Claimant(s) without insisting on production of a succession certificate, letters of administration or probate, and without any surety.

This arrangement is made under the Bank's own policy for settlement of claims of deceased depositors, reference: X.

NOW THIS BOND WITNESSES as follows:

1. In consideration of the Bank agreeing to release the sum of ₹3,20,000 (Rupees Three Lakh Twenty Thousand only) to the Claimant(s) without production of a succession certificate, letters of administration or probate, the Claimant(s) hereby jointly and severally indemnify and agree to keep indemnified the Bank against all claims, demands, actions, proceedings, losses, damages, costs and expenses that the Bank may suffer or incur by reason of having so released the said sum, whether made by any other legal heir of the deceased, any creditor of the deceased's estate, or any other person claiming an interest in the said account.

3. If any person establishes, by a succession certificate, letters of administration, probate or a decree of a competent court, a better right to the said sum or any part of it, the Claimant(s) shall forthwith refund to the Bank, or to the person so established as entitled, the sum so paid, together with interest thereon at the rate the Bank may reasonably charge from the date of payment to the date of refund.

Questions about this document

Does the Indemnity Bond for Deceased's Bank Claim need stamp paper or stamp duty in Punjab and Chandigarh?

Chargeable as a Bond under Schedule 1-A of the Indian Stamp Act, 1899 as applicable to Punjab, and under the corresponding entry of that Schedule as applicable to the Union Territory of Chandigarh.

See the full position on stamp duty, registration and witnesses

Does the Indemnity Bond for Deceased's Bank Claim need registration in Punjab and Chandigarh?

Not compulsorily registrable.

See the full position on stamp duty, registration and witnesses

What does the Indemnity Bond for Deceased's Bank Claim cost on Kagaznama?

Free.

Documents are free. Kits are free during our launch.

Does the Indemnity Bond for Deceased's Bank Claim need witnesses?

See the full position on stamp duty, registration and witnesses

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