Bank claim settlement where nomination is obtained
Radhika Rangarajan
(Querist) 16 March 2017
This query is : Resolved
In a Savings Bank individual account where nomination is obtained, the depositor as well as nominee both died. A relative of the Depositor is now coming to Bank Branch and producing the original passbook with present balance Rs 8100/=,Nomination acknowledgement slip given at the time of opening the account.They have also produced the death certificate of both nominee as well as depositor.They have also obtained the legal heir-ship certificate of depositor.Who can prefer a claim on this deposit? The legal heirs of the depositor alone or have we to involve the Legal heirs of Nominee also? We request the experts to guide us in this matter.
Thanks and regards
Radhika Rangarajan
Guest
(Expert) 17 March 2017
Please clarify, the saving bank account stands in a bank or in Post Office?
rajeev sharma
(Expert) 17 March 2017
A nominee is not the owner of the amount deposited in bank nor he is entitled to claim money from the bank. The money in account belongs to all legal heirs of deceased. So you need not to call legal heirs of nominee. If the person coming to you has obtained a succession certificate from a competent court the money belongs to him.
rajeev sharma
(Expert) 17 March 2017
A nominee is not the owner of the amount deposited in bank nor he is entitled to claim money from the bank. The money in account belongs to all legal heirs of deceased. So you need not to call legal heirs of nominee. If the person coming to you has obtained a succession certificate from a competent court the money belongs to him.
Rajendra K Goyal
(Expert) 17 March 2017
The payment has to be released to the legal heirs of the depositor.
c.p.s. ramachary
(Expert) 17 March 2017
As opined by Mr Rajeev sharma nominee is not legal heir of the depositor. I of the view that release of the payment to the legal heirs by the bank is correct action if the legal heirs who received are properly and legally identified against any adverse claims. To avoid adverse claims the practice adopted by banks is stipulation of redeposit of the entire claim amount for a period of 3 years without premature cancellation or withdrawal of interest accrued on the deposit.
Guest
(Expert) 17 March 2017
Ms. Radhika Rangarajan,
On your profile page you have mentioned, "I am a Chief Manager of a nationalized Bank."
Would you like to clarify, as a Chief Manager of the bank, are you really not aware of the rules of nomination and claims about deceased depositors, as per the Banking Regulations/ RBI Act?
Rajendra K Goyal
(Expert) 17 March 2017
If you are chief Manager of Nationalized Bank, obtain legal opinion from Bank lawyer and forward to controllers to proceed in accordance to legal opinion with your recommendations.
Guest
(Expert) 17 March 2017
Apparently, it is an academic query, not a problem with a banker.
Kumar Doab
(Expert) 17 March 2017
You have posted that:
"In a Savings Bank individual account where nomination is obtained, the depositor as well as nominee both died...........A relative of the Depositor is now coming to Bank Branch and producing the original passbook with present balance Rs 8100/ "
So it is a/c in the bank.
The amount seems to be within threshold limit of the bank and bank may decide to pay to legal heirs.
Bank may have its policy to ask disclaimer from legal heirs in favor of one legal heir, indemnity etc..
Check the bank policy.
