Deceased Investors

These are the Society's requirements when dealing with a deceased member's sole account(s). This page sets out what we will require in order to make payments before a Grant is issued and to close accounts where no Grant is being applied for and the holding is less than £15,000. There are links to the relevant forms, which you can print off and use as appropriate.

For date of death figures, you should write to the deceased member's account holding branch.

Payments before Grant of Representation

Prior to a Grant of Representation being obtained, the Society can release funds for the following payments, provided the balance in the account is not taken below £50. In all cases, we will require sight of the Grant of Representation to close the account.

1.1 Funeral expenses
We will require a copy of the funeral bill together with a Letter of Indemnity signed by the Personal Representatives. We will only make the cheque payable to the funeral directors.

1.2 Probate Court fees
Upon request, we will draw a cheque payable to HM Paymaster General for payment of Probate Court fees. We will require a Letter of Indemnity signed by the Personal Representative(s) in order to draw this cheque.

1.3 Inheritance Tax
We can draw a cheque payable to HM Revenue and Customs for the payment of Inheritance Tax. There is no upper limit to the amount that can be withdrawn, but the account cannot be closed to pay the tax and must retain a balance of £50 following payment. A Letter of Indemnity signed by the Personal Representative(s) will be required.

Closing accounts where no Grant of Representation is being obtained

Where the balance of the deceased's sole accounts with Rafidain Bank is less than £15,000 and no Grant of Probate or Letters of Administration are being applied for, the accounts may be closed upon completion of the Bereavement Request to close accounts form.

Please click on the link below for a print and post form. You can also obtain this form from your local Rafidain Bank branch.

Bereavement - Request to close account(s) (PDF)

For balances above £30,000 we will require a Grant of Probate or Letters of Administration in order to close the account along with a signed closure form.

Overview

Electronic discharges

Electronic titles