Advice
krishna
(Querist) 12 July 2016
This query is : Resolved
my father had SB a/c in SBI bank. while opening a/c he has given my name as nominee. Father had 2 term deposits in SBI and after maturity by bank rules matured amount will be in SB account along with interest . Now as money is in SB account who is nominee here to withdraw money . father expired
Request advice
R.K Nanda
(Expert) 12 July 2016
Contact bank officials.
Rajendra K Goyal
(Expert) 12 July 2016
Whether any nomination existed in fix deposit receipt a/cs / customer details to which fix deposit account linked?
If not, the heir ship would open as on date of death of the depositor. If the fix deposit was not mature on that date, proceeds would be inherited by all legal heirs by submitting required documents.
Balance in Saving account is payable to nominee.
If in the customer details the nominee is mentioned, fix deposit account linked to it, the proceeds of fix deposit would be payable to nominee in such case.
Devajyoti Barman
(Expert) 13 July 2016
If you are shown as nominee then bank can hand over the money to you.
What is the difficulty?
Guest
(Expert) 13 July 2016
Deposit of maturity value of TD/FD in to SB account is not automatic, if FD/TD is not surrendered for withdrawal. On each maturity that will continue to be extended in the absence of the instructions of the holder of the TD.
So far as nomination is concerned, if no separate nomination is made for FD/TD, that would be treated as without nomination. Nomination for SB account cannot work for claim of TD money. Succession Certificate or heirship certificate, depending upon the amount, would be required to claim the amount of the FD/TD, as per the provisions of the rules of the bank.
Amount standing at credit in the SB account can however be claimed by the nominee of the SB acount without any hurdle.
