Rights on fixed deposits proceeds after father's demise
Jackson
(Querist) 04 May 2016
This query is : Resolved
I have kept my self earned money in my father's & mother's name in fixed deposit in banks.
Unfortunately my father passed away 6 months back & now my mother claims that all the money is of my father and she should get all the proceeds of Fixed Deposit.
Can she become the absolute owner of those funds, though they have been fully out of my earning?
What is the course available for me.
Would appreciate your guidance.
Regards,
Jackson
Kumar Doab
(Expert) 04 May 2016
1. What personal law applies to the deceased e.g; Hindu Succession laws?
2. Do you have any evidence that you advanced monies?
Are you willing to claim and reveal and establish that you advanced monies?
Did the father register nomination in bank a/c?
Jackson
(Querist) 04 May 2016
1. Yes sir Hindu succession Law
2. Evidences can be made available by going through various pass books of earlier periods
3. It's my money and I find it difficult to see it taken by my mother and sister
4. No nomination as the existing deposits are with either or survivor mandate (my father & mother)
KC AGGARWAL
(Expert) 05 May 2016
Instead of going for planning litigation, you consider engaging some consultancy firm who provide services for recovering such money from banks. They of course do it for their charges. One organisation I know is sharesamadhan.org, telephone No. 011-4908 4000. If you wish you can try.
Kumar Doab
(Expert) 05 May 2016
In case of E&S a/c the secondary holder is surviving so she (mother) will get the money.
Your option is either amicable settlement with her based on proof a prolonged litigation...............and decision by court.
You may agree to maintain the mother and try to solve by intervention of elders.
Still if you wish you may show all evidences on record to an able counsel for a considered opinion.
malipeddi jaggarao
(Expert) 05 May 2016
When the deposit is kept in the joint names of your mother and father with either or survivor operating instructions, on the death of your father, your mother will become absolute owner of the deposit money by submitting the death certificate of your father. Nobody can interfere in this process and the Bank will change the joint deposit into single deposit of your mother and your mother has every right on such deposits.
As regards your query about the claim of your mother on the deposits, though they were created with your money, it is a civil litigation. You have to obtain an injunction from court against the Bank not to pay the deposits to your mother. For that you require to approach a civil court with all evidence that the deposits were kept with your money. Then the question will arise about the source the money and the reasons for keeping it in name of parents. Hence, it is better to have an amicable family settlement. She is your mother. There must be strong reasons for her denying your share. First correct these things, and have an amicable family settlement. Otherwise, the civil litigation takes its own time and the outcome is not in your hands.
Rajendra K Goyal
(Expert) 05 May 2016
If the money is in joint account, your mother can withdraw the money after your father as per mandate of the account.
However, the money in the name of your father, would be inherited by all his legal heirs.
Kumar Doab
(Expert) 05 May 2016
The ClassI legal heirs of deceased Hindu father ( spouse, children) of course, can claim the share of deceased from the living account holder.
Decree from court of law, may be required.
You can contemplate to recover the money (that you gave and you can prove) from mother.
If amicable family settlement is possible , then insert the recitals and register it.
