Nomination for bank deposits
CH Nalini devi
(Querist) 17 March 2014
This query is : Resolved
Dear sirs
My father expired on 27.02.2014.There are some bank deposits in the name of my father with nomination registered. For one deposit the nomination is registered in the name of my sister Arunakumari.AS per 10th class marks list her name is Arunakumari. After marriage she is named as Padmakumari in her in-laws house.THe name change is notified in the gazette.She is holding address proof and ID proof for the Padmakumari.NO proof is available for the name Arunakumari.I request you to guide me for closing the deposit for which nomination is registered in the name of Arunakumari
ajay sethi
(Expert) 17 March 2014
your sister can approach bank . furnish her school leaving certiificate . proof of name change as reflected in official gazette . bank will make payment to the nominee
Kumar Doab
(Expert) 17 March 2014
The BM can discharge the payment to nominee.
The applicable rule(s) can be seen in:
RBI:Master Circular on Customer Service
20.Settlement of claims in respect of deceased depositors Simplification of procedure
20.1 Accounts with survivor/nominee clause
prabhakar singh
(Expert) 17 March 2014
I wish Kumar Doab to revisit and reread the query to find what querist problem really is?
prabhakar singh
(Expert) 17 March 2014
@Querist.!
Nominee is Arunakumari and in her 10th class
pass certificated her name is recorded as
Arunakumari(same as that of nominee).It is this Arunakumari who changed her name post marriage as Padmakumari(gazette notification available)
Then where is any problem.
Kumar Doab
(Expert) 17 March 2014
Learned Shri Prabhakar Singh,
Sir,
I have posted that: The BM can discharge the payment to nominee.
And pointed out guidelines/rule set by RBI in case of a/c’s with clause on Nomination.
It was believed that usually Bank/BM demands surety which is not required in case of a/c’s with clause on Nomination/survivor ship.............still if BM asks for surety etc, this rule deals with it also and shall be of help.
Expert Mr. Sethi has already clarified the ‘name change as reflected in official gazette’.
Yourself have also elaborated the matter for the benefit of author and everyone.
With Regards
KumarDoab
Rajendra K Goyal
(Expert) 18 March 2014
Approach the Bank, Bank would release the payment to nominee after confirmation of identity.
Rajendra K Goyal
(Expert) 18 March 2014
However, it is doubtful that Bank would release the payment through a cheque drawn in other name than the name of nominee entered in its books, till the fact was informed already by the account holder while he was alive. Court orders have to be obtained for issuing cheque in other name. Nominee can en-cash it through her Banker showing that her name has been changed or by adding her maiden name as alias in the account with her Banker.
2. Alternately Bank can release the payment after receiving normal documents and indemnity etc. to legal heirs after taking no objection / indemnity from such nominee in addition.
