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Harsha Vardhana R (Project Manager)     17 November 2015

Possibility of a fd non-encashable until death

I am raising this query for a possibility of split of property sale among the co-owners (including a mentally unsound person). 

 

Can the legal-guardian create a FD which is non-encashable till the death of the person (mentally unsound)? This is to prevent any misuse of the FD either by legal-guardian or the person himself, such a provision would be helpful.

 

Also can a bank account have multiple nominees with clear indication of their % shares? This would be helpful for each nominee to independently receive respective share. As per my knowledge, now all the legal heirs need to jointly receive and any co-operation issue would put the funds in waiting!

 

Regards,

Harsha Vardhana R  

 

 



Learning

 2 Replies

Kumar Doab (FIN)     17 November 2015

Contact bank of your choice for possibilities of su h FDR . Bank may not agree for any number of nominees.

siddhartha sinha   17 November 2015

Fixed deposits have maturity period of maximum 10 years(20 for minors with court permission). There can be only one nominee for deposit accounts as per law. The product you are looking for does not exist. But you may however talk to your bankers and they MIGHT do so with permission from senior management.

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