Payment of amount in deceased account
N. AKSHAY BERI
(Querist) 23 September 2011
This query is : Resolved
AN UNMARRIED WOMAN WAS HAVING AN PENSION ACCOUNT SBI, SHE SHIFTED TO M.P. IN A TRUST AND AASKED THE BANK TO TRANSFER HER PENDION IN HER ACCOUNT MAINTAINED AT M.P. BANK STARTED TRANSFEREING THE SAME.
FEW DAYS BACK SHE DIE LEAVING BEHIND A WILL WHEREIN SHE HAS DISPOSSED OFF HE IMMOVABLE PROPOERTY IN FAVOUR OF HER NEPHEW SONS AND THE AMOUNT LYING WITH THE BANK IS TO BE GIVEN TO THE TRUST. THERE IS A SUM OF rs. 24,000 IN HER ACCOUNT MAINTAINED AT SBI. HOW THE AMOUNT CAN BE GIVEN TO THE TRUST? WHAT IS LEGAL REQUIREMENT?
R.Ramachandran
(Expert) 23 September 2011
The TRUST authorities can approach the bank along with the WILL in question and request the release of the amount lying in the account of the deceased lady. Probably the Bank may ask the Trust to provide an Indemnity Bond - which the Trust may make available to get the amount released to it.
prabhakar singh
(Expert) 23 September 2011
Mr. Ramachandran is right, since the amount is not a huge sum,most probably the bank will agree to release it in favor of trust against an indemnity bond.
