Bank fixed deposit

If you have mentioned the facts:

Submit 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, IBA, BCSBI 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, and RBI.

Alternatively you may submit a representation in writing under acknowledgment narrating all representations made by you along with date, time of representation mentioning name of BM, bank employees and vague, and wavering response given during each visit, with a copy to Nodal Officer and CMD/Chairman of the bank, with a copy to IBA, BCSBI, RBI.

Customer being harassed should record such transactions (audio/visual). Bank can not deny customer did not visit as banks are CCTV surveillance which may be local and centralized also.

Each bank has compensation policy which is placed on bank website and bank is laiable to compensate.

If you are suspecting corruption or you are being harassed for unprofessional gains you may submit a compliant to Vigilance section/officer.

RBI:

2. ACCESS TO BALANCE IN DEPOSIT ACCOUNTS
(A) Accounts with survivor/nominee clause
2.1 As you are aware, in the case ofdeposit accounts where the depositor had
utilized the nomination facility and made a valid nomination orwhere 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 careand 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 paymentmade 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

IBA:

SETTLEMENT OF DUES IN DECEASED DEPOSIT ACCOUNT

i) If the depositor has registered nomination with the Bank; - the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Bank satisfies about the identity of the nominee, etc.
ii) The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.
iii) In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as "either or survivor, former / latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.
iv) In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the bank's board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities

BCSBI:

In such cases, payment to the survivor(s) / nominee of the deceased depo
        will be made without insisting
         on production of succession certificate, letter of administration or probate, etc.,or obtaini
        bond of indemnity or surety from the survivor(s)/nominee, irrespective of the amount standing in the credit of the deceased account holder.

Some other customers have initiated similar threads at:

0

https://www.lawyersclubindia.com/forum/Bank-deposit-61984.asp#.UAlKWSIWrts

https://www.lawyersclubindia.com/forum/Death-claim-for-bank-fd-61980.asp

Hi Kumar,

Thanks for your reply!!

But in my FD Bond its written as "Payable Jointly", When i asked the manager that i am the Nominee, he is telling that - Nominee will come in to the picture if both the joint holders are there. As one of the join holder is there so he cannont consider the nominee.

When i asked him what is the procedure, he is telling get the legal hire document then i will tell the others.

The issue seems to be you are asking, and he is saying/telling.

Which bank it is? You may ask the BM to provide you the rules and link to the bank's own rules if any at its web site or you  log on to the website of the bank and go thru  rules.

You may take the help of some senior, experienced, well wisher in the family and take him/her to the bank.If you are staisfying the guidelines of the RBI,IBA,BCSBI and if the BM pushes his own inner wishes than rules you have the option of approaching the Citizen Cahrter, Nodal Officer, Chairman of the bank.

Refer to the the guidelines e.g.

IBA:

SETTLEMENT OF DUES IN DECEASED DEPOSIT ACCOUNT

iii) In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s).

However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as "either or survivor, former / latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.

BCSBI:

the identity of the survivor(s)/nominee(s) and the factof the death of the a
holder, is established through appropriate
documentary evidence;

RBI:

2 (A)

2.2 It may be noted that since paymentmade 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

These are the terms given in Bank Website:

Settlement of dues in deceased deposit account

If the depositor has registered nomination with the Bank, the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Bank is satisfied about the identity of the nominee, etc. The above procedure will be followed even in respect of a joint account where nomination is registered with Bank. In a joint deposit account, when one of the joint account holders expires, the Bank is required to make payment to the legal heirs of the deceased person and the surviving depositor (s) jointly. However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor, former / latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays on production of supporting documents by the legal heirs of the deceased. In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the bank’s board. This is to ensure that the depositors are not put to hardship on account of delays in completing legal formalities.

The terms given in Bank Website, as posted by you are in line with guidelines issued by IBA,RBI,BCSBI.

You may take the help of some senior, experienced, well wisher in the family and take him/her to the bank, staisfying the guidelines of the RBI,IBA,BCSBI, and hence bank and submit your claim with all relevant documents under proper acknowledgment. If required you have the option of escalating to Citizen Cahrter, Nodal Officer, Chairman of the bank, and even RBI,IBA,BCSBI.

You can also approach a lawyer.