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In the event of unfortunate death of any of the account holder, the securities held in the demat account of the deceased can be transmitted to the surviving holders / valid nominee / legal heirs as the case may be.
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Surviving Holders |
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Incase of death of one of the joint holder, the surviving holders can get the securities transmitted into their account. Surviving holder(s) has to maintain / open the demat account in the same holding pattern, except the deceased holder.
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Transmission into Nominee's account |
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Incase of death of the sole / all holders of a demat account, and if a valid nomination is registered in the demat account, the nominee can make a request as per format, (The provisions relating to format shall apply mutatis mutandis to the process of transmission of securities to the Nominee) alongwith a notarized copy of Death Certificate to the bank to get the securities transferred into his / her account held singly.
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Transmission into Legal Heir(s) account |
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Incase of no surviving joint holders and no nomination registered, the transmission can be effected to the account of the legal heir. Succession Certificate or Probate of will or letter of administration duly notarized is required to sumitted. In such case the demat account needs to be held / opened as required by the document submitted for the claim.
For all the above 3 categories, a specific request as per format is required to be submitted alongwith a notarized copy of death certificate of the deceased. For the 3rd Category in where there is no surviving holder or nomination, the following additional documents would be required:
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A Copy of Succession Certificate duly notarized or an order of a Court Competent jurisdiction where the deceased has not left a Will; or |
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A Copy of Probate or letter of administration duly notarized is required to be submitted.
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Incase of any further attachment to the annexure, the same is required to be signed by all concerned.
However, if the legal heir(s) or the legal representative(s) express inability to produce either of the documents mentioned under (ii) and (iii) above, and the market value of the securities held in each of the account of the deceased as on the date of application for transmission does not exceed Rs. 1,00,000/- then the Participant shall process the transmission request on the basis of the following documents:
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Request for transmission as per the format; |
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Copy of the death certificate duly notarised; Letter of Indemnity duly supported by a guarantee of an independent Surety acceptable to the Participant, made on appropriate non judicial stamp paper; |
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An Affidavit made on appropriate non judicial stamp paper; and |
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No Objection Certificate(s) from all the legal heir(s) who do not object to such transmission. |
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Disclaimer:
Whatever have been stated above are in the good interest of the Investor / Demat Applicants / holders to provide a brief picture about the depository system. You are requested go through the guidelines of the depositories before taking any further action. For detailed guidelines, you are requested to approach your nearest HDFC Bank branch. HDFC Bank will not be responsible for any misunderstanding / act based on the above. Also HDFC Bank might ask for additional information / documentation than what has been stated above to process your application / instruction.
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