Can I write will for FDR in 'Either or Survivor'
Arjun Singh
(Querist) 10 March 2018
This query is : Resolved
If I have an FDR in 'Either or Survivor' mode of operation and the maturity date is very far, and I know that I will die before that, is it legally valid if I write a will stating that the money should be given to my grandson on maturity? It is solely my earning that I deposited as FD with my wife's name as second holder.
Vijay Raj Mahajan
(Expert) 10 March 2018
Yes you can make Will in that on maturity of the FDR, your half share in the FDR be given to your grandson and make your wife as one of the witness to the Will. You cannot make Will for the complete FDR amount as its in joint name with your wife of which she becomes 50% owner along with you as owner of rest 50%. The either or survivor clause make both the joint owner of the FDR entitle to claim the amount from the bank on maturity either jointly or individually or whoever is survivor out of the two.
Guest
(Expert) 10 March 2018
You can't write any will for a joint account, may that be 'either or survivor' type of the other. Only survivor will be the rightful beneficiary of the joint account. However, you are eligible to jointly nominate your grandson to receive the proceeds, if the survivor also dies before maturity. The effect of nomination will automatically vanish on the maturity of the FDR, if both the holders or anyone of you survive at the time of maturity of FDR.
Guest
(Expert) 10 March 2018
The sentence starting from 'IF' very clearly suggests that yours is purely an academic query. When you don't have yet applied for FDR, where arises the question of maturity of FDR and how you can be sure that you will definitely die before maturity of the FDR, even if you open now?
However, when you apply for the FDR, your bank will guide you appropriately and you will be able to get the desired information.
Ms.Usha Kapoor
(Expert) 08 July 2018
Agree wth Vijay Raj Mahajan and Dhingra.
Guest
(Expert) 08 July 2018
Ms. Usha Kapoor,
Your agreement of two opposite opinions.is quite wrong and irrelevant, as after maturity of the FDR, there will be no relevance of making a will, as against the advice of Shri Vijay Raj Mahajan. After maturity only the maturity value of FDR can withdrawn by the account holders. Even if death of one of the joint holder occurs immediately after maturity, the amount would go to the surviving holder of the FDR.
Guest
(Expert) 10 July 2018
Ms. Usha Kapoor,
What a joke, at first you agreed with two different opinions, now you changed stand! That clearly reveals that you do not know the law relating to will after on FDR after maturity.
