kishore kumar 25 October 2024

nominee not mentioned in bank FD but in will

Mother did not make any nomination in the bank fixed deposit but in her notarized will she has mentioned that she has willed the deposit to her daughter as per her wish.
Please tell me -
Should the bank pay the deposit amount to the legatee of the deceased on the basis of the will or will it be necessary to bring the certificate of legal heir from SDM court or civil court?
Thank you.

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5 Replies

T. Kalaiselvan, Advocate (Advocate) 26 October 2024

The Will should be enforced as per procedures of law if the Will has come into effect.

Advocate Bhartesh goyal (advocate) 26 October 2024

Deceased daughter has to inform to Bank that deceased account holder has executed a will in her favour so do not release funds of deceased F.D to anyone till submission probate certificate of will.File petition before Court to grant probate on deceased will.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 26 October 2024

Generally, banks require a legal heir certificate or a succession certificate to release the funds to the legal heirs.

However, if the will is probated, the bank may consider it sufficient proof of the deceased person's intention to gift the FD to their daughter.

In this case, since the mother has mentioned the FD in her notarized will, the bank may accept it as a valid document.

However, it's ultimately up to the bank's discretion and their internal policies.

To be sure, the daughter may want to:

1. Provide the bank with a copy of the notarized will.

2. Request the bank to clarify their requirements.

3. If necessary, obtain a legal heir certificate or succession certificate from the appropriate court (SDM or civil court).

kishore kumar 26 October 2024

Thanks a lot to respected forum members Sri T. kalai seven Sir, Sri Bhartesh Goyal Sir and Sri Rama Chari Rachakonda Sir for their valuable information and advice.
Thanks again.

T. Kalaiselvan, Advocate (Advocate) 31 October 2024

You are welcome for your appreciations of the works of all the experts you have named here

nominee not mentioned in bank FD but in will

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