ceased account

Querist : Anonymous (Querist) 24 October 2010 This query is : Resolved
my garndmother has a joint account with my cousin and due to dispute between them my grandmother ceased the account .The account is on the either or survivor basis .as she died on march'2010 we ask the bank to give us the money in the account as we are the nominee of the grandmother as she made a registered will on the name of my father .The bamk replies that we gave the money to my cousin as account is either or surivor,So sir i want to know that as my mother ceased the account so either or survivor is finished or not and what we do get the money from the bank.

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R.Ramachandran (Expert) 24 October 2010
What do you mean by ceased the account?

s.subramanian (Expert) 24 October 2010
You cannot claim anything from this account since the survivor alone would be entitled to the proceeds in the account.

Parthasarathi Loganathan (Expert) 24 October 2010
Ceased account concept as put forth by the author is not covered under any provisions of Banking Regulation Act. The proceeds of the account is payable only to the Survivor on the death of the account holder unless the Either OR Survivor Clause revoked by the account holder during the currency of the account. I support the opinion of Shri S.Subramanianji

Devajyoti Barman (Expert) 24 October 2010
If you could prove that your mother requested the Bank to stop the operation of the account, she had more than 1/2 share in the account and bequeathed her share in the money lying in the said account then you could clam for recovery of the same form your cousin.

R.Ranganathan (Expert) 24 October 2010
Since the account was E or S, the Survivor is entitled to the balance amount unless you had given your objections through some court order not to disburse the amount to the Survivor. Otherwise the Bank is entitled to hand over the balance amount to the Survivor.

Kirti Kar Tripathi (Expert) 24 October 2010
i agree with Mr. Rangnathan,

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