HUF ACCOUNT

Querist : Anonymous (Querist) 17 January 2011 This query is : Resolved
HUF ACCOUNT OF PPF IS MAINTAINED IN STATE BANK OF INDIA. WHAT IS THE POSITION AFTER THE DEATH OF KARTA. CAN ELDER SON OPERATE THIS ACCOUNT?IS THERE ANY NEED OF SUCCESSION CERTIFICATE? BANK'S STAND IS THEY ARE NOT GOING TO GIVE INTEREST AFTER THE DEATH OF KARTA AND DEMANDED SUCCESSION CERTIFICATE.

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A V Vishal (Expert) 17 January 2011
Who is the nominee?

Kirti Kar Tripathi (Expert) 18 January 2011
Bank is right in asking succession certificate. Since all the heirs are entitled to succeed the Karta after his death. Bank can not release payment in favour of any individual legal heir.

Sachin Bhatia (Expert) 18 January 2011
Bank is right in asking succession certificate.

Chanchal Nag Chowdhury (Expert) 18 January 2011
U have to prove the status of the new Karta if your A/c. is a HUF A/c. Otherwise, U will have to obtain succession certificate as demanded by the bank. However, the bank cannot enjoy interest-free holiday in the interim.

O. Mahalakshmi (Expert) 18 January 2011
I agree with Kirthi Kar

Amit Minocha (Expert) 20 January 2011
you would need a succession certificate

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