CLAIMING SHARE IN THE FATHER FIXED DEPOSIT AFTER HIS DEMISE
2 years ago
THERE ARE 02 FIXED DEPOSIT OF THE FATHER WHO PASSED AWAY ON 16TH MARCH 20201, AND HE HAS THREE SONS.
ON THESE 02 FIXED DEPOSITS ELDEST SON IS THE NOMINEE, THERE ARE NO WRITTEN AGREEMENT / AND ON WILL NOTHING IS MENTIONED OF THE BANK ACCOUNTS AND HIS SAVING TO BE SHARED EQUALLY AND SO ON AMONG HIS THREE SONS.
NOW WHEN WE WENT TO THE BANK CLAIMING THE SHARE EQUALLY OF THESE 02 FIXED DEPOSIT, BANK REFUSES TO CLEAR THIS AND STATED THE AMOUNT WILL BE GIVEN TO THE NOMINEE NOT TO THE OTHER LEGAL HEIRS. PLEASE SUGGEST HOW THE OTHER 02 SONS CAN CLAIM THIS MONEY AND THE PROCEDURE TO CLAIM THIS MONEY.
A.Dear Sir,
Normally, and always the Banks prefer to give the amounts to the nominee. Nominee is only a Trustee and he has to distribute the amount among all the legal heirs as per Section 8 of Hindu Succession Act as per the terms of Will if terms of Will are not clear then Section 8 will come into picture. Thus, both of you will share equally if you go to the Civil Court.
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Normally, and always the Banks prefer to give the amounts to the nominee. Nominee is only a Trustee and he has to distribute the amount among all the legal heirs as per Section 8 of Hindu Succession Act as per the terms of Will if terms of Will are not clear then Section 8 will come into picture. Thus, both of you will share equally if you go to the Civil Court.
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Pardeep Kumar Dhiman Dhiman
Responded 2 years ago
A.Nominee is the caretaker. Honorable supreme court decided many case that nominee is the caretaker. So you send a legal notice to bank stopped the money..
Nominee duty are when he receives the money. He give the money to all the successor of the dead person.
You may go to civil court file a case.
Nominee duty are when he receives the money. He give the money to all the successor of the dead person.
You may go to civil court file a case.
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Sidhaarth
Responded 2 years ago
A.Nominee has limited power to receive the money but nominee is legally bound to distribute the received money among all legal heirs of deceased. Bank is correct to disburse the amount only to nominee as the bank does not want to get involved in controversy nor bank has capacity to adjudicate the matter. So you being legal heir has to either resolve the issue amicably or to approach court through partition suit.
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A.Hi,
Since you are not the nominee, bank can't transfer his FD to you. His eldest son being his nominee is entitled for his share and he can transfer the share to you if he is interested.
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Since you are not the nominee, bank can't transfer his FD to you. His eldest son being his nominee is entitled for his share and he can transfer the share to you if he is interested.
Please rate my answer
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Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
A.As you have not specified about any Will of your father,therefore,assuming that your father had not made and published any Will prior to his death.
It is necessary on your part to give immediate stop payment Notice to that Bank directing the Bank not to disburse that Fixed Deposit amount to the Nominee because you are going to apply for Succession Certificate in respect of all the movable assets of the deceased person soon.
Please take note that as per the verdict of the Hon'ble Supreme Court of India, Nominee is mere custodian of Assets and if the legal heir and heiress of the deceased person submit Succession Certificate before the financial Institution, then that Succession Certificate will prevail.
It is necessary on your part to apply for Succession Certificate before the competent Court of law in respect of all the movable assets of the deceased.
It is necessary on your part to give immediate stop payment Notice to that Bank directing the Bank not to disburse that Fixed Deposit amount to the Nominee because you are going to apply for Succession Certificate in respect of all the movable assets of the deceased person soon.
Please take note that as per the verdict of the Hon'ble Supreme Court of India, Nominee is mere custodian of Assets and if the legal heir and heiress of the deceased person submit Succession Certificate before the financial Institution, then that Succession Certificate will prevail.
It is necessary on your part to apply for Succession Certificate before the competent Court of law in respect of all the movable assets of the deceased.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Bank has its own rules and regulations. Bank can give the FD of your father to only the one who is mentioned as Nominee. As per the agreement your father has made with the bank, his elder son is the nominee. So only he can claim the share.
Please rate my answer
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Bank has its own rules and regulations. Bank can give the FD of your father to only the one who is mentioned as Nominee. As per the agreement your father has made with the bank, his elder son is the nominee. So only he can claim the share.
Please rate my answer
Thank You
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