Death of 2nd holder in jt sb a/c with bank
Mrunmai Deshpande
(Querist) 11 May 2017
This query is : Resolved
My mother is 82 years old. My father passed away in 1989. My mother has 2 sons, me and my elder brother. We have no sister. My mother has joint SB Account with my elder brother where my mother is the 1st holder and my brother is the second holder. The purpose of keeping the a/c joint is to have least complications in the event of unexpected death of my mother. The entire outgoing and incoming transactions are on the name of my mother. The a/c is very active due to incoming dividend warrants on the name of my mother and outgoing investment cheques from my mother. My brother has not a single transaction on his name in this a/c. Now the irony of the fate is such that my brother has unexpectedly passed away few days ago in an accident. To get the death certificate from municipal corporation takes 3to 4 weeks. I have following 2 questions
1.Is it necessary to submit the Xerox copy of the DC to the bank and remove my brother’s name from the JT a/c
2.Till such time we get the DC and submit it into the bank can my mother continue to do incoming and outgoing transactions through her a/c
Please guide !
Guest
(Expert) 11 May 2017
Yes is the answer for both of your questions.
The first holder is the main operator of account.
Kiran Kumar
(Expert) 11 May 2017
its a matter of rules and regulations adopted by the bank...better visit the bank and find out what are the requirements to be fulfilled...
Kumar Doab
(Expert) 11 May 2017
Apparently there is no mandate signed with bank for signature of both on cheques.
Your mother can continue to operate as usual.
Sri Vijayan.A
(Expert) 11 May 2017
I endorse the view of Expert P.S.Dhingra Sir.
Guest
(Expert) 12 May 2017
Dear Sri Vijayan,
Thanks for agreeing with me.
Rajendra K Goyal
(Expert) 12 May 2017
What is the operational mandate of the account?
If it is Either or survivor, both or survivor, former or survivor, your mother may close the account and open new account with your self / person of her choice.
She can continue with the account, but should register nomination in all her accounts.
Guest
(Expert) 12 May 2017
Agree with Mr.RK Goyal
Rajendra K Goyal
(Expert) 12 May 2017
However, there may be little chance that the mandate to operate the account is "both of the account holders".
In such case, the balance is payable to your mother and legal heirs of the deceased brother jointly.
Guest
(Expert) 12 May 2017
Well Advised by Mr.RK Goyal
Kumar Doab
(Expert) 12 May 2017
As advised by Mr. Kiran Kumar, Mr. Rajendra K Goyal you can visit the bank check the operational mandate, and bank's opinion.
