Claim either or survivor deposit
Guest
(Querist) 18 September 2014
This query is : Resolved
Dear Sir/Madam,
My father deposited Rs.4,00,000 in Indian Bank by the scheme of Either or Survivor (my father name and my name joint deposit) and put my daughter’s name was nominee. He was died two months before. We are two daughters only to my father and my mother not alive. Hence, now my sister can claim this deposit share from bank or me? Please reply me.
Tnx.
Kathirasan
Kumar Doab
(Expert) 18 September 2014
RBI: Master Circular on Customer Service:
19.8 (ii):…………“the right to the deposit proceeds does not automatically devolve on the surviving joint deposit account holder, unless there is a survivorship clause.”
Thus in E&S a/c the surviving a/c holder should become sole a/c holder.
ajay sethi
(Expert) 19 September 2014
agree with kumar Doab
Rajendra K Goyal
(Expert) 19 September 2014
The joint account holder can withdraw the amount deposited with E or S clause, when one of the joint account holder expires.
Guest
(Querist) 20 September 2014
Thank you for your reply to my query. Please give more reply above this
Thanks.
Anirudh
(Expert) 20 September 2014
Dear Kathirasan,
Please come clear.
Who (mention the exact name)is the original account holder along with the father (mention the exact name)
Guest
(Querist) 20 September 2014
Dear Sir,
My father and me (E&S) is the exhaust original account holder sir. Kathirasan is my son sir.
Thanks,
T. Kalaiselvan, Advocate
(Expert) 27 September 2014
Mr. Marimuthu, your father has deposited an amount in the bank and arranged it to be operated on E or S basis by including you as a joint account holder. Now, on the basis of either or survivor, you he survivor hence you do not have to pay any amount or share to your sister legally but morally (?)
Advocate. Arunagiri
(Expert) 27 September 2014
Right to operate the account is different from right over the deposited amount.
In EoS account, if one party dies, another party can operate the account, but other legal heirs of that demised party have right over the amount lying in the bank account.
