Interest rate on unclaimed deposit
aditya sharma
(Querist) 27 May 2015
This query is : Resolved
Hello,
I have faced a crucial case on which i need your help. My mother had opened a FIXED DEPOSIT in 1991 OF THE AMOUNT 13000/-(MATURITY AMOUNT MENTIONED 17000) IN HER OWN NAME at her hometown and gave it to her grandmother. After some time my mother's grandmother expired and at that time nobody remembered about that FD.
A few months back my Mother's Uncle found that F.D. RECEIPT OF SBI IN OLD BOX. When we went to Bank the Bank is giving only 17000 saying that you had not renew the F.D.
I want your advice that it has been remained UNCLAIMED SINCE LAST 20 YEARS SO WHAT IS THE MINIMUM RATE IF INTEREST THAT WE CAN GET ON SUCH UNCLAIMED AMOUNT as a matter of prejudice the bank has channelized this fund in banking since last 20 years so we must get our share of minimum interest on such amount for 20 years.
please help.
Dr J C Vashista
(Expert) 28 May 2015
Consult her banker/chartered accountant, you have posted this query on a wrong platform.
Kumar Doab
(Expert) 28 May 2015
Repeated Query;
http://www.lawyersclubindia.com/experts/Interest-rate-on-unclaimed-deposit-539766.asp
Rajendra K Goyal
(Expert) 01 June 2015
If Bank is not agreeing to pay past interest write to higher officer i.e. AGM, DGM, GM, CGM regarding the issue.
T. Kalaiselvan, Advocate
(Expert) 03 June 2015
Query repeated, no reply, you may visit the previous thread for more replies.
c.p.s. ramachary
(Expert) 04 June 2015
Mr. Aditya Sharma'
This 'forum is served by Senior lawyers and retired judges as a matter of social service. Hence, please do not address "Hello". Better address "Dear Sir".This kind of addressing "Hello" to advocates hurt us. We are rendering free advisory services to you.Hence please refrain from such kind of addressing.
FDRs are formed by virtue of agreements by and between the customer and the banks. It is not renewable automatically unless requested by the owner of it.If the owner does not approach the bank for renewal or dies without any instructions to the bank, the bank does not renew it automatically. The deposit will be kept in Sundries.To claim such right of renewal the claimant should produce 'succession certificate' from competent court establishing his legal right over the deposit. If Nomination is given by the deceased depositor at the time of giving the deposit, the bank will pay the nominee on identifying him with proof.If competent legal heir renews the deposit for a period of three years after settling the claim as per the bank's procedure, the renewer(s) of such deposit may get the same contractual rate of interest. For obtaining Succession Certificate you may contact a local lawyer.
aditya sharma
(Querist) 04 June 2015
THANK YOU FOR YOUR REPLY.....
I really do apologize to the community of LEGAL EXPERTS AND ADVISORS, if my connotation "Hello" hurt them in any way....I shall keep this thing in mind...thank you for informing my mistake.
