Many a times the Banks ask for a succession certificate even when there is no legal dispute on inheritance. And procuring this succession certificate involves payment of a court fee. Only when there is a dispute, a succession certificate is required.
Typically, 2.5% of the total amount to be inherited is to be paid as court fee to obtain the certificate. Paying this fee becomes very difficult for most.
A Delhi court has raised concerns over this. Taking note of the court order the RBI has directed banks not insist on the certificate in cases where this is no legal dispute.
Read this informative report by Kaunain Sheriff M in Indian Express.....
News Source
The Indian Express
