Bank deposit

Your mother was joint holder of fixed deposit. She is entitled to cancel the FDR along with you as nominee of your father. The bank cannot insist your mother or you to obtain a court order or certificate of court for recalling the deposit. You have to convince the bank on these lines giving a representation for consideration. In spite of this if the bank fails to oblige your request, you may approach Banking Ombudsman in person and make a complaint for immediate remedy

 the guidelines issued by RBI,IBA are enclosed.

Some ofSubmit a representation to the BM of the bank under acknowledgment with seal and signature of the BM and demand reply in writing.Ask for the certified copy of the latest RBI guidelines and ask whether these are placed at bank's web site and if yes obtain the link. In case you feel that BM is not following bank policy you may approach Nodal Officer and CMD/Chairman of the bank., with a copy to IBA,BCSBI,RBI.

2.  ACCESS TO BALANCE IN DEPOSIT ACCOUNTS

(A)  Accounts with survivor/nominee clause

2.1   As   you   are   aware,   in   the   case   of   deposit   accounts   where   the   depositor   had

utilized the nomination facility and made a valid nomination or where the account was

opened with the survivorship clause ("either or survivor", or "anyone or survivor", or

"former or survivor" or "latter or survivor"), the payment of the balance in the deposit

account to the survivor(s)/nominee of a deceased deposit account holder represents

a valid discharge of the bank's liability provided :

    (a)     the bank has exercised due care and caution in establishing the identity of

            the   survivor(s)   /   nominee   and   the   fact   of   death   of   the   account   holder,

            through appropriate documentary evidence;

    (b)     there    is  no  order   from  the   competent     court  restraining   the   bank   from

            making the payment from the account of the deceased; and

    (c)     it   has   been   made   clear   to   the   survivor(s)   /   nominee   that   he   would   be

            receiving the payment from the bank as a trustee of the legal heirs of the

            deceased depositor, i.e., such payment to him shall not affect the right or claim   which   any   person   may   have   against   the   survivor(s)   /   nominee   to

             whom the payment is made.

2.2 It may be noted that since payment made to the survivor(s) / nominee, subject to

the   foregoing   conditions,   would   constitute   a   full   discharge   of   the   bank's   liability,

insistence on production of legal representation is superfluous and unwarranted and

only serves to cause entirely avoidable inconvenience to the survivor(s) / nominee

and would, therefore, invite serious supervisory disapproval.                 In such case, therefore,

while making payment to the survivor(s) / nominee of the deceased depositor, the

banks   are   advised   to   desist   from   insisting   on   production   of   succession   certificate,

letter   of   administration   or   probate,   etc.,   or   obtain   any   bond   of   indemnity   or   surety

from the survivor(s)/nominee,  irrespective of the amount  standing to the credit of

the deceased account holder.

And

20.1 Accounts with survivor/nominee clause

20.1.1. In the case of deposit accounts where the depositor had utilized the

nomination   facility   and   made   a   valid   nomination   or   where   the   account   was

opened      with   the   survivorship     clause    ("either   or  survivor",    or  "anyone     or

survivor",   or   "former   or   survivor"   or   "latter   or   survivor"),  the   payment   of   the

balance   in   the   deposit   account   to   the   survivor(s)/nominee   of   a   deceased

deposit   account   holder   represents   a   valid  discharge   of   the   bank's   liability

provided :

    (a)       the   bank   has   exercised   due   care   and   caution   in   establishing   the

identity   of   the   survivor(s)   /   nominee   and   the   fact   of   death   of   the   account

holder, through appropriate documentary evidence;

    (b)       there is no order from the competent court restraining the bank from

making the payment from the account of the deceased; and

    (c)       it has been made clear to the survivor(s) /  nominee that he would

be receiving the payment from the bank as a trustee of the legal heirs of the

deceased   depositor,   i.e.,   such   payment   to  him   shall   not   affect   the   right   or

claim which any person may have against the survivor(s) / nominee to whom

the payment is made.

20.1.2. It may be noted that since payment made to the survivor(s) / nominee,

subject   to   the   foregoing   conditions,   would   constitute   a   full   discharge   of   the

bank's liability, insistence on production of legal representation is superfluous

and unwarranted and only serves to cause entirely avoidable inconvenience

to the survivor(s) / nominee and would, therefore, invite serious supervisory

disapproval.     In such case, therefore, while making payment to the survivor(s)

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                                                                  DBOD-

/ nominee of the deceased depositor, the banks should desist from insisting

on   production   of   succession   certificate,  letter   of   administration   or   probate,

etc., or obtain any bond of indemnity or surety from the survivor(s)/nominee,

irrespective of the amount standing to the credit of the deceased account

holder.

Dear Sir,

Thanks for your reply. Have gained immensely in Knowledge & confidence regarding dealing with this matter. Will take this up with the bank & let you know the outcome.

Thanks & Regards