KVB Bank Affidavit cum Indemnity Letter From Download

KVB Bank Affidavit cum Indemnity Letter

The provided document outlines the Affidavit cum Indemnity Letter issued by Karur Vysya Bank (KVB). It is a legal template used by claimants to release funds or contents belonging to a deceased account holder when no nomination or joint holder structure is present.

Here are the key points from the form:

1. Purpose of the Form

This legal instrument enables the bank to safely settle deceased claims across three primary asset types:

Deposit Accounts: Releasing account balances along with accumulated interest up to the payment date.
Safe Deposit Lockers: Handing over physical custody of locks, jewels, ornaments, or other valuables.
Safe Custody Articles: Returning specified items held directly in safe storage with the bank.

2. Legal Heir Declarations

Claimants must formally state their identity and relationship to the deceased under oath:

List of Heirs: A structured table capturing the name, age, and exact relationship of every single surviving legal heir.
Exclusivity Claim: Deponents must explicitly affirm that the individuals listed represent the only surviving legal heirs entitled to the assets.
Authorized Representative: The group must nominate one specific heir to accept the cash payout or physical locker contents on behalf of everyone.

3. The Indemnity Clause

This clause creates a binding financial shield that shifts all liability from the bank to the claimants:

Protection from Disputes: Claimants promise to keep the bank, its managers, and officers “saved harmless” from any future actions or losses.
Financial Liability: If another unknown heir emerges later to claim the same funds, the signatories are jointly and severally liable to cover all resulting legal costs, charges, and demands.

4. Mandatory Execution Elements

To be considered legally valid by the bank, the document requires specific execution steps:

Stamp Duty: The physical document must be stamped with the appropriate legal duty payable for an affidavit and indemnity bond.
Witnesses: The execution must be signed in the physical presence of independent witnesses.
Legal Attestation: The document must be formally signed and sealed “Before Me” by an authorized Notary Public.