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R K Raju (Software Engineer)     13 May 2012

No nominee on deceased pension account

My mother who died 4 years back had a family pension account in a bank in Rajahmundry ( my late father was a retired employee of the same bank , who worked in the same branch ) .She didn't have a nominee on the account as per the bank. Amount is less than 15,000 rupees.

My brother and I, who are residing abroad, want that money given to my sister who resides in India. Can my brother and I ( alongwith my minor child ) can send NOC which is Notarized ?

Do we need Succession Certificate ? If so , we need to get it from local court or MRO in Rajahmundry ? Also does grand children need to be part of the succession Certificate ?

Bank Manager was not helpful , we were angry with his behavior , that is the place where my late father served sincerely for more than 30 years and retired. So I'm determined to get this amount which is rightfully ours.

Another bank Manager also insulted me by not accepting my Passport as Valid Proof of identification and insisted my signature proof from another bank and offered me to buy some crappy insurance , though I was nominee on another account my mother had.
 

Thanks in Advance.

 

 

 

 



Learning

 6 Replies

Ajit Singh Cheema (practising Advocate)     13 May 2012

The only problem in your case  appear to be of "EGO" and nothing else.There should not be any requirement of succession certificate for such a small amount.As per latest guidelines of RBI the succession certificate is not to be insisted upon.A declaration in the form of a relinquishment deed,stating your status as a legal heir of your mother and relinquishing your right in favour of your sister to the satisfaction of your banker should suffice.The grand childern are not required to participate.

Kumar Doab (FIN)     13 May 2012

 Kindly look into the attachments. RBI and IBA has issued following guidelines for deceased depositor:

 

In case where the deceased depositor had not made any nomination or for the accounts other than those styled as

"either or survivor" (such as single or jointly operated accounts), we will adopt a simplified procedure for repayment to

legal heir(s) of the depositor keeping in view the imperative need to avoid inconvenience and undue hardship to the common person.

Keeping in view our risk management systems, we will fix a minimum threshold limit, for the balance in the account of the deceased

depositors, up to which claims in respect of the deceased depositors could be settled without insisting on production of

any documentation other than a letter of indemnity.

and also for rude behavior and forced selling. Read speech of Usha Thorat.

A vigilant customer should record such incidences (audio/visual). Although banks are under CCTV surveillance however banks shall not easily part with CCTV footage and CCTV footage may not have clear audio recording.

Customer should first submit the representation to BM , then to AGM/CGM and finally to Nodal Officer/Chairmen of the bank and even Citizen Charter and grievance Reddresal mechanism. If customer has the proof, bank shall have no option but to adhere to rules and serve.

All banks have nowadays tie up with Life Insurance Companies and are assigned big targets and therefore push for policies. Looking into the poor performance of ULIP and episodes of mis selling an aware customer shall stay from buying thru banks/brokers.

CMD Bank of India has issued statement based on RBI/IBA guidelines on standing instructions on payment from one a/c to another maintained in same branch.

 

 

 


Attached File : 821098196 deceased depositor 64668.pdf, 821098196 deceased depositor account 57cs010709 full.pdf, 821098196 deceased depositor account 63603.pdf downloaded: 284 times

Kumar Doab (FIN)     13 May 2012

CMD Bank of India has issued statement based on RBI/IBA guidelines on standing instructions on payment from one a/c to another maintained in same branch, can be read at:

https://www.bankofindia.com/citizenschar2.aspx


Attached File : 821098196 deceased depositor iba.doc, 821098196 speech usha thorat treating bank customers.doc downloaded: 172 times

Kumar Doab (FIN)     13 May 2012

Learned Mr. Cheema has given valuable advice. Kindly take an enlightened view and resolve the matter in your favor.

P.K.Haridasan (Advocate)     13 May 2012

Ld. Ajit Singh Cheema has given you correct direction. Follow it up. Personal relation and respecting others are yet to be studied by our people. 

R K Raju (Software Engineer)     21 May 2012

Thanks for the response Ld. Ajit Singh Cheema, I have sent an email to the  bank , they didn't bother to reply so far.

I sincerely thank all who responded to my query.


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