Nomine rights pertaining to the saving account at the thane district cental co operative bank ltd
sunil
(Querist) 05 July 2012
This query is : Resolved
My sister Ms priya prakash kashid lost her husband Two year back since then she is making rounds with the Deputy manger accounts and the concerned bank Manager at khanivale ,wada for the saving account money which her husband has nominated dated 12/6/2003 , but till date the management and the branch managers are not releasing the saving account money they say that the money cannot be given because the deceased sister has a claim on the saving account money ,since 2 years has passed but they are not at all co operative ,please advice me what is the procedure do we put criminal case agaisnt the bank mangers .
ajay sethi
(Expert) 05 July 2012
no ask your sister to obatin succession certificate . bank has to protect its interests . if sister has also made a claim bank wont disburse money unless you obtain NOc from sister .
please note that nominee is only a trustee for legal heirs . since her husband died without leaving a will bank is not disbursing funds .
sunil
(Querist) 05 July 2012
dear Ajay sir ,
My sister Priya prakash Kashid who is the legal wedded wife of Late Mr prakash kashid kept My sister as a nominee on 12/6/2003.she has three childrens who are in college according to section 45Za of the banking regulation act,the banking law in not concerened with the sucession,the nominee has the right on depositers money ,i want to understand that why a legally wedded wife can't who is been nominated by the husband in form DA-1 cannot claim the money to the bank and do bank have right to wrongful and dishonestly park the money with the bank not allowing the nominee to withdraw the money is something called as deficiency of services and breach of trust and intentionally wrongfull loss by the bank authorities she has made number of attempts to the bank manager but everytime they say that the Late Shri praksh kashid sister has put a claim for the money where ony i feel wife is nominated in the form DA-1 .pls advice .
Guest
(Expert) 05 July 2012
The feeling, as you contend by saying, "I feel wife is nominated in the form DA-1" does not have any standing against the fact and proof, moreso, when some legal hurdles arise. You must be sure, if nomination in favour of your sister exists.
If the sister of your sister's husband has put the claim, that means she has raised a dispute. During dispute the banker would have the liability at later stage, if that disburses the money to anyone, but later on the other party produces the succession certificate. So, better produce the succession certificate, as advised by Shri Sethi. Right of the wife cannot be denied as against the claim of a sister.
ajay sethi
(Expert) 05 July 2012
bank has to protect its interests .if there is a dispute between family members bank will play it safe .
in alternative bank must have asked you to give surety if you want money lying in bank .
produce succession certificate
sunil
(Querist) 05 July 2012
Thankyou Shri Ajay sir & pS Dhingra sir for your valuable suggestion .
Regards
Sunil khande
Sunil_khande@yahoo.com
sunil
(Querist) 05 July 2012
dear ajay sir & Ps dhingra sir for your information a court decission.
The underlying reasoning of the High Court was based on the text of Section 109A of the Companies Act. The Supreme Court in a matter concerned with Section 45ZA of the Banking Regulation Act, 1949, has however reached a different conclusion. The Court, in Ram Chander Talwar v. Devender Kumar Talwar, Civil Appeal 1684 of 2004, (2010) 159 Comp Cas 646 (SC), has held:
“Section 45ZA(2) merely puts the nominee in the shoes of the depositor after his death and clothes him with the exclusive right to receive the money lying in the account. It gives him all the rights of the depositor so far as the depositor's account is concerned. But it by no stretch of imagination makes the nominee the owner of the money lying in the account. It needs to be remembered that the Banking Regulation Act is enacted to consolidate and amend the law relating to banking. It is in no way concerned with the question of succession…”
Guest
(Expert) 05 July 2012
Dear Sunil,
I hope, neither Shri Sethi, nor I have stated anything in contrast with the case law quoted by you. We just suggested a straight path to save your sister to make more rounds to the bank. Laws pertaining to banking and nomination would definitely have helped your sister had there not been any other claim before making payment.
First of all by saying, "I FEEL wife is nominated in the form DA-1" you do not seem to be sure whether there exists any nomination in favour of your sister. If there exists any nomination in favour of your sister and the bank is agreeable to allow withdrawal by submission of indemnity bond by your sister, nothing like that.
