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Kumar Pillai (CEO)     06 April 2016

Fixed deposits in the bank

We are the legal heirs to the intestate property of our Grand father.  All our parents (direct children of our grandfather) are no more and hence we received a ''Decree'' from the court stating that we are the legal heirs.

One of our Uncles (one of the sibling of our parents) and his wife died a year back.  They do not have any children.  They maintained Fixed deposit accounts in the banks which are lying there for the past 15 years unattended.

We are the legal heirs to the intestate property of our grand father.   what are the procedures we have to process to claim these funds belonging to our uncle?

please advise.

Regards

Kumar Pillai



Learning

 1 Replies

Kumar Doab (FIN)     06 April 2016

It is believed that you are Hindu.

The 1st right is that of ClassI legal heirs i.e mother ( of Uncle and Aunt), children ( of Uncle and Aunt).

If ClassI legal heirs are not present then ClassII legal heirs shall have right.

If the decree descree describes the family tree of Uncle and Aunt as well then it should suffice.

Or comply with bank procedure.

It is in line with Clause 19,20 of RBI Master Circular on Customer services, that is available on RBI and Bank's website.  


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