Section 111: Right to Claims over the Deposits

1) Claims of any person other than the actual depositor to deposits made with a licensed institution shall not be entertained.

2) In the event of the death of the depositor, the 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, shall have first right to such deposits: –

(a) Husband or wife living in the joint family,

(b) Son or daughter, or adopted son or adopted daughter or widow daughter-in-law, living in a joint family,

(c) Father, mother, grandson or granddaughter living in the joint family,

(d) Husband or wife, son, daughter, father or mother, son, daughter-in-law or married daughter living separately,

(e) Grandfather, grandmother, brother, nephew, niece, sister living in the same family, grandfather or grandmother living separately,

(f) Stepmother living in the joint family, grandson and unmarried granddaughter towards son living separately,

(g) Elder or younger brother living separately, nephew, niece, sister, nephew, niece

(h) Uncle, widowed aunt, sister-in-law (elder or younger brother’s wife), or grand-daughter-in-law living in a joint family,

(i) Married sisters and granddaughter-in-law live separately.

3) If there is no one in the order of priority as referred to in sub-section (2), the successor shall have the title to such deposit, and if there is not even such successor, the deposit shall be collected to the Banking Development Fund of the Rastra Bank and be used for banking development.

4) Notwithstanding anything contained in 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).