Fixed deposit
zorrosmask
(Querist) 27 May 2012
This query is : Resolved
my uncle(mothers elder brother) has made a bank FD with him as primary holder and me (his nephew as joint holder1) and my father (as joint holder2) and my mother (his younger sister) as a nominee.He had not made any will during his lifetime.He also has a younger brother who has now requested the bank to withhold the fixed deposits and not give any monies to any of the joint holder or nominee.they say that the money should be equally distributed among the legal heirs (rather than among the joint holders and nominee). What i want to know from respected seniors is that who will ultimately get to enjoy the money?? the legal heirs or the joint holders??
ajay sethi
(Expert) 27 May 2012
if account is jointly held in 3 names ie your uncle and your father and you then on your uncle death the bank will on furnishing of death ceriticate delete his name from fixed deposits .
the money will be handed over to survivor s depending upon mandate given by account holder . bank may insist on NOc from legal heirs .
ajay sethi
(Expert) 27 May 2012
The model operational procedure incorporates the guidelines contained in the RBI circulars.
3.2 Term Deposit Account
(a) In the event of death of one of the joint account holders, the payment will be made to the survivor(s) on verification of proof of death of the depositor on maturity of deposit.
(b) In the event of death of both / all the joint account holders, the balance outstanding will be paid jointly to the legal heir(s) (or any one of them as mandated by all the legal heirs) on verification of authority of legal heirs and proof of death of depositors on maturity of deposit.
6
Shonee Kapoor
(Expert) 28 May 2012
I differ, only if the FD is made Either or Survivor, the amount would go to remaining two, otherwise the legal heirs would get 1/3rd share on maturity.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
