Fixed deposits partition


Respected Sir/Madam,

My father passed away last year. He had kept some Fixed Deposits in Bank jointly with my mother. 

After the death of my father, bank trasnferred all FDs in my mothers name. 

So my mother is now holder of FDs. 

I have a younger sister. Me and my sister are students and unmarried. 

I also have an elder brother and two sisters with my father's first wife i.e. they are my step-brother and sisters. They all are well settled and married. 

Now they are asking for partition of FDs and all the property. They have sent us a notice for the same. They said that if we do not make partition then they will file a suit against us. 

 

Is it necessary to give away share in FDs when all FDs are in my mothers name now?

The money was kept by my father for me and my sister's marriage. 

We do not have any income. We are living on FD interest. My step brother and sisters do not help us financially. 

Are we still liable to pay them their share now only? 

Can we make partition after me and my sister get settled? 

I heard that daughter's marriage is a liability on parents. So till the daughter gets married parent are not liable to make partition. 

Please guide me on this. 

I want to know legal aspects of this. 

Thank you. 

 

 

 

 

 

 
Reply   
 
practicing advocate

Yes all are entittle for the equal share

 
Reply   
 


FIN

What was the mandate for this bank a/c e.g. joint holder, Either or Survivor, Former or Survivor etc? It is recorded on FDR and a/c opening form that you can see with mother and bank.

Based on the mandate only the BM can transfer the funds held in FDR in the name of husband and wife to the name of wide after the death of husband.

Your mother must have submitted the death certificate to the Bank.

You may also check if your father has left any WILL. If yes the WILL may be produced in court for probate.

 

If there is no WILL then all sons and daughters and legally wedded wife are ClassI legal heirs and shall share the estate equally.

The intervention of elders of the family, well wishers may mellow down the step brother/sister and they may agree to relinquish their rights.

Otherwise court shall partition the estate.

Contest in court and appear thru an able and trusted lawyer dealing in such/family/revenue/civil matters.

 
Reply   
 

Thanks for your answers! 

FDs were in Either or Survivor clause 

There was no WILL

 
Reply   
 
FIN

You may go thru;

RBI guidelines: 'Master Circular on Customer Services';Sec19&20 may be gone thru.

 

 

 

 

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

Search Forum:








×

  LAWyersclubindia Menu