INDEMNITY BOND
This Indemnity Bond is executed at Ludhiana on 2 April 2026
BY
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.