IOB unveils online death claim settlement portal

Indian Overseas Bank (IOB) has launched the Online Death Claim Settlement Portal, providing a simplified and time-bound solution through digital mode for families and legal heirs. 

“This initiative marks a significant step in the bank’s digital transformation, focusing on reducing the procedural burden for claimants during their most sensitive times,” the bank said.

On this portal claimants can initiate and complete the settlement process from their homes. Claimant can conveniently enter their own details along with the deceased customer’s account information and upload all required documents directly through the portal. To ensure transparency the portal features a real-time tracking system, allowing claimants to monitor the progress of their application at every stage, the bank said.

The bank has implemented a simplified procedure for claims up to ₹15 lakh, which notably requires no third-party surety. Additionally, the bank has committed to ensuring that claims are processed well within a strict 15-day timeline.

Ajay Kumar Srivastava, MD & CEO, Indian Overseas Bank said, “This reflects IOB’s commitment to empathy-driven banking. Families should not have to face procedural challenges and uncertainty during such difficult times. This portal offers a transparent, convenient, and time-bound mechanism to settle claims from anywhere and at any time.”