Section 111
Right To Make Claims Over The Deposits
(1) No claims of any person other than the actual depositors over the deposits made with a licensed bank or institution shall be entertained.
(2) In the event of the death of a depositor, a nominee appointed by him/ her, if any, and if such nominee also dies or if no nominee has been appointed by the depositor, the surviving person from amongst his/her relatives, in the following order of priority, shall have right to such deposits in the first place: –
a. The husband or wife living in the joint family,
b. The son or daughter, or adopted son or adopted daughter or widow daughter-in-law, living in the joint family,
c. The father, mother, grandson or granddaughter living in the joint family,
d. The husband or wife, son, daughter, father or mother, son, daughter-in-law or married daughter living separately,
e. The grandfather, grandmother, brother, nephew, niece, sister living in the joint family, the grandfather or grandmother living separately,
f. The step mother living in the joint family, and grandson and unmarried granddaughter of the son living separately,
g. The elder or younger brother living separately and nephew, niece, sister, nephew, niece
h. The uncle, widowed aunt, sister-in-law (elder or younger brother’s wife), or grand-daughter-in-law living in the joint family,
i. Married sisters, grand-daughter-in-law living separately.
(3) If there is no one in the order of priority as referred to in Sub-Section (2), and as such a situation has arises where a rightful successor according to the prevailing laws has not made any claim over the deposit, the deposit(s) shall be deposited in the Banking Development Fund of the Rastra Bank and be used for banking development.
(4) Notwithstanding anything contained in the prevailing laws, no amount deposited with a bank or financial institution shall be handed over to anyone without the approval of the person who has the title thereto under Sub-Section (1).
(2) In the event of the death of a depositor, a nominee appointed by him/ her, if any, and if such nominee also dies or if no nominee has been appointed by the depositor, the surviving person from amongst his/her relatives, in the following order of priority, shall have right to such deposits in the first place: –
a. The husband or wife living in the joint family,
b. The son or daughter, or adopted son or adopted daughter or widow daughter-in-law, living in the joint family,
c. The father, mother, grandson or granddaughter living in the joint family,
d. The husband or wife, son, daughter, father or mother, son, daughter-in-law or married daughter living separately,
e. The grandfather, grandmother, brother, nephew, niece, sister living in the joint family, the grandfather or grandmother living separately,
f. The step mother living in the joint family, and grandson and unmarried granddaughter of the son living separately,
g. The elder or younger brother living separately and nephew, niece, sister, nephew, niece
h. The uncle, widowed aunt, sister-in-law (elder or younger brother’s wife), or grand-daughter-in-law living in the joint family,
i. Married sisters, grand-daughter-in-law living separately.
(3) If there is no one in the order of priority as referred to in Sub-Section (2), and as such a situation has arises where a rightful successor according to the prevailing laws has not made any claim over the deposit, the deposit(s) shall be deposited in the Banking Development Fund of the Rastra Bank and be used for banking development.
(4) Notwithstanding anything contained in the prevailing laws, no amount deposited with a bank or financial institution shall be handed over to anyone without the approval of the person who has the title thereto under Sub-Section (1).