nomination in accounts
petra elizabeth chithra
(Querist) 14 April 2017
This query is : Resolved
My father and mother lived separately from 1981 . My father died recently without a will. From his friends I have found his account numbers on various banks on Madurai city, tamilnadu, India. My mother is the nominee for all his accounts. All the passbook is under the custody of my dad's brother. How can my mother claim his finances. I have a brother who is an NRI
petra elizabeth chithra
(Querist) 14 April 2017
My father and mother lived separately from 1981 . My father died recently without a will. From his friends I have found his account numbers on various banks on Madurai city, tamilnadu, India. My mother is the nominee for all his accounts. All the passbook is under the custody of my dad's brother. How can my mother claim his finances. I have a brother who is an NRI
r.sathyanarayanan
(Expert) 15 April 2017
From the information provided, I assume that your parents have not obtained diverse and your father have not written any will. In the said scenario,I suggest your mother to send a lawyer notice to the bank to receive the money from the bank as a nominee and she is bound to share the same with you and your brother equally.
Likewise your mother can also ask your father 's brother to give to your mother all your father's belongings.
Guest
(Expert) 15 April 2017
Rightly Advised by Expert/Advocate Mr.R.Sathyanarayanan.Also Apply for Legal Heir certificate and if it was already obtained with out your names Consult a Local good Advocate and obtain a Stay and file Criminal Complaints.Better Act Fast.More you delay the things would get more complicated.Consult A Local Good Advocate.
Sudhir Kumar, Advocate
(Expert) 15 April 2017
Not correct advise to send lawyer notice and boil the things.
She just needs to visit bank and fill the claim form required from nominee.
As nominee she can receive money on behalf of legal heirs which included none else than you three.
If your uncle is keeping passbooks let him also pour mustard oil and spices on it and druyin in sun. It will be a pickel. He can have no other purpose outof it.
Guest
(Expert) 15 April 2017
The Lawyer notice would protect from others getting involved in this.You had also stated concerned Pass Book and other bank documents are with some body else.Legally you should protect your interest and only a Legal Notice would serve your Purpose,
ADV-JEEVAN PATIL, MUMBAI
(Expert) 15 April 2017
Write to father's brother to give an account of your father to your mother. Write to banks she is nominee n no amount be paid to brother but to her as nominee.Banks will advise u suitably
ADV-JEEVAN PATIL, MUMBAI
(Expert) 15 April 2017
Write to father's brother to give an account of your father to your mother. Write to banks she is nominee n no amount be paid to brother but to her as nominee.Banks will advise u suitably
Guest
(Expert) 15 April 2017
Agreed with ADV-Jeevan Patil Mumbai.Still Sir the Legal Notices could fetch Speedy Remedy.
Adv. Yogen Kakade
(Expert) 15 April 2017
To claim the accounts of your father after his death, your mother need not have the passbooks.. she can merely visit the bank and as she being the nominee in those accounts she can certainly claim the balances in the accounts.. And for those accounts where there is no nomination, your mother shall need a succession certificate..
Kumar Doab
(Expert) 15 April 2017
Refer: RBI Master Circular on Customer Services: Sec; 19, 20
Bank can discharge its responsibility by making the payment to Nominee.
From DOB, Name, address, pan card number any bank employee down the line, up the line can fetch all a/c numbers.
In case of NO nomination Bank shall make the payment to legal heirs (Legal heirs: as per applicable personal law).
Kumar Doab
(Expert) 15 April 2017
Deceased Depositor a/c without Nomination:
In case of NO dispute amongst legal heirs bank can make the payment per laid simplified procedure and may ask for Disclaimer in favor of one legal heir and/or Indemnity,suerity(ies) etc etc ………………………….i.e without succession Certificate.
If Brother is neither Legal heir (Legal heirs: as per applicable personal law) nor nominee he has NO claim and is not a party to the matter.
Bank and bankers are trained to know who are legal heirs as per various personal laws applicable in Republic of India and have notes on their portals and also have their legal cells to advise them.
No need to worry and approach bank with confidence and carry ID/KYC docs and complete the procedure.
Kumar Doab
(Expert) 15 April 2017
RBI Master Circular on Customer Services: Sec; 19, 20
https://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=9862
RBI is central bank and its guidelines have statutory force.
Banks maintain the guidelines and also banks internal polices on its web site, in branch and are under obligation to provide free copy to customers.
Kumar Doab
(Expert) 15 April 2017
Mr. Sudhir Kumar has added the flavor of humor in his post.
"If your uncle is keeping passbooks let him also pour mustard oil and spices on it and druyin in sun. It will be a pickel. He can have no other purpose outof it."
The uncle can enjoy his pickle that is the fruit of his labor.
Sudhir Kumar, Advocate
(Expert) 15 April 2017
go as simple as possible.
Your uncle has bank passbook which doe snot confer any title to him. which also doe snto disturb rights of nominee.
you have already got the nomination details and account No.
Just apply like any other death case.
Do not complicate the matter in advance rather do not invite/create complications which are not apparent as on now from given facts.
Guest
(Expert) 15 April 2017
False hopes, when the nominee may not be able to surrender the pass books and cheque books on demand by the bank! The so called uncle's pickle can become pungent and costly for your mother.
By the way, how you were able to know that your mother is the nominee and your father would not have changed nomination ever since 1981?
Rajendra K Goyal
(Expert) 15 April 2017
Humbly differ with the expert.
For payment to nominee, original passbook and cheque book need not be surrendered. Bank may proceed on the basis of undertaking or can issue duplicate as per Bank norms.
Well advised by the expert Sudhir Kumar, Adv. Yogen Kakade, and expert Kumar Doab.
Guest
(Expert) 15 April 2017
Wish the best of luck, if Mr. Rajendra K Goyal and others assume it as a simple task in the absence of the original documents. Moreover, the information of the author about nomination is not yet confirmed.
If not an academic query, I don't think the author would not have approached the bank so far about her mother's claim. If approached, she must state about the response of the bank. If not contacted the bank authorities, she should first go to the manager of the bank with the claim of her mother and act accordingly., as only the bank manager can help, if convinced.
Guest
(Expert) 15 April 2017
A Simple Legal Notice to the Bank with Evidence would fetch an Easy Remedy
Kumar Doab
(Expert) 15 April 2017
Agreed with Mr. Rajendar K Goyal.
“For payment to nominee, original passbook and cheque book need not be surrendered. Bank may proceed on the basis of undertaking or can issue duplicate as per Bank norms.”
Kumar Doab
(Expert) 15 April 2017
The bank must be having its well defined policy....................
e.g;
“Whereas the Depositor has/have lost or misplaced the said Pass book /Deposit receipt / amd the same is not traceable, and Sri…………………the nominee has represented to the Bank that the Deposit receipt / Pass book is lost/ untraceable and that he may be repaid with the deposit amount without the production of the deposit receipt/pass book. Whereas the nominee/s has also assured the Bank and the Fixed Deposit Receipt / Pass book remains untraced and that in case the receipt/ pass book is found out or the nominee comes into possession of the same at any time, he will immediately inform the Bank and handover the same to the Bank . Whereas the Bank has agreed to repay the deposit amount of Rs………………….without the production of the said deposit receipt /pass book on condition that the nominee along with other respectable and creditworthy person shall indemnify the Bank against all losses etc., that may be caused to the Bank as a consequence of repayment of deposit without production of the receipt / pass book.
IN CONSIDERATION OF THE PROMISES, the Indemnifiers execute the indemnify and this Deed witnesseth as follows:- i) In consideration of the Bank making repayment of the deposit amount in the name of ……………………without the production of Deposit Receipt /Pass book referred to above bearing No……………date…………….Rs…………………(Rupees in words………………) the original of which has been lost and has not been pledged, transferred or assigned to any other person, the nominee and the indemnifiers hereby jointly and severally agree to indemnify and keep indemnified the Bank, their successors and assigns harmless against all loss, claims, costs, charges, expenses and consequences that may arise from their so making payment of the Deposit from wrongful dealing or encashment of the original …………………in any manner whatsoever or any other consequences connected with the said Deposit Receipt or duplicate thereof and we, the said nominee and the indemnifiers further undertake to deliver to the bank the said original Deposit Receipt if and when found.”
http://www.tmb.in/forms/claim_settle_form_01.pdf
Dr J C Vashista
(Expert) 16 April 2017
Very well analysed, deliberated, debated and advised by experts, I fully agree with the expert advise of Sh. Yogen Kakade, Sh. Sudhir Kumar, Sh. Rajendra K Goyal and Sh. Kumar Doab.
Mother, the nominee, should submit her claim before the Bank irrespective of the fact that original pass book is not available.
Kumar Doab
(Expert) 17 April 2017
Thanks for agreeing and appreciating Dr J C Vashista.
Kumar Doab
(Expert) 17 April 2017
Thanks for agreeing Ushaji.
