Refund of deposit
Prem Dhawan
(Querist) 28 April 2018
This query is : Resolved
Hello Sir/Madam,
My father registered for a private builder property and deposited some money.
The project didn't take off.
The money wil be refunded to all the investors now.
My father passed away some years back.
How should the builder refund the money? By cheque in the name of my father? or We have to produce some document to get the cheque in the name of another family member? If a document is needed, what is that document called?
Thanks in advance to anyone who gives clarity on this.
Kumar Doab
(Expert) 28 April 2018
Builder may want legal heir/succession certificate...
Or if the cheque is already issued and deceased depositor a/c is not closed bank may accept the deposit in a/c..
Ask Bank BM on deceased depositor a/c operation rules..
Prem Dhawan
(Querist) 28 April 2018
Thanks.
The cheque is not issued yet.
Builder has been informed by showing the death certificate that applicant (investor) has passed away.
Can builder issue a cheque in my father's name, or cheque has to be issued in some other name (mother or other heir) because my father is no more?
Is NOC needed?
Ms.Usha Kapoor
(Expert) 29 April 2018
You produce Legal heir certificate and death certificate of your father. Legal heir certificate can be gotten from local Tehsildar.Ask the Bank BM on deceased depositors operation rules.
Ms.Usha Kapoor
(Expert) 29 April 2018
If you want to open the deposit in your name get a relinquishment deed from other legal heirs in your favor. The said relinquishment deed should be stamped and registered.
Dr J C Vashista
(Expert) 29 April 2018
Whether your father had registered a "nominee" or executed any will/ any other document ?
Consult a local lawyer with all relevant details for better appreciation of facts, consideration, analyses, guidance and proceeding.
Asgher Mahdi
(Expert) 30 April 2018
You can file Consumer complaint before any Consumer Redressal forum having jurisdiction and sure the Forum will looks into it and may pass award in your favor if you built up your case.
Prem Dhawan
(Querist) 30 April 2018
Thanks.
Consumer complaint is not necessary because the deposit will be returned.
My query is to know how the builder should issue the cheque because the investor/depositor is not alive anymore.
I have been advised that all legal heirs sign a NOC towards one legal heir.
Kumar Doab
(Expert) 30 April 2018
If NOC and/or indemnity, disclaimer etc gets you the refund then go for IT and close the matter.
The one lag heir chosen by you has to share the proceeds with other legal heirs..
All can decide and divide IT amicably and even reduce IT in writing..
Your own very able LOCAL senior counsel of unshakable repute and integrity specializing in civil/consumer matters and well versed with LOCAL applicable rules/laws and having successful track record…. and worth his/her salt.. can advise you in person and even handle the matter to defend your interest.
