Chandu.:i:. (.) 18 July 2011

Wife not allowing to withdraw FD with either or survivor

NRI Husband 'H' transfered funds($) (Self earned) to NRO account in nationalised bank 'B'. Opened FD with period 12 months to operate 'single' mandate with same branch. Interest to be credited to NRO account. While 'H' was out of india wife 'W' "managed" branch manager 'BM' and changed FD period from 12 to 36 months & mandate changed from single to either or survivor. There was no oral or written instruction by 'H' to 'B'. wife 'W' started living separatly with original certificates. After coming to india 'H' was shocked. 'H' asked bank for duplicate certificates, ready for indemnity bond, bank said both has to sign it. 'W' informed bank not to allow 'H' to withdraw FD. Legally not separated.'H' failed to understand the conspiracy of 'W' and 'BM' as he was abroad. Bank filed civil suit asking directions "whome to pay". for every communication with bank (a/c statement, a/c status,etc) , bank's answer is simple "matter is sub-judiced" . Bank is Happy as FD is always with them. Wife has to loose nothing as it is not her earned money. for Husband - What next?

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4 Replies

Ashok Vennelakanti (Asst.General Manager) 19 July 2011

Since suit is already filed and pending in Civil Court, it is better to go through the court process. Other options such as complaint to Banking Ombudsman, Consumer Forum etc., are not available at this stage. However, Depositor can make a complaint to RBI against the Bank.

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Chandu.:i:. (.) 19 July 2011

Thank you for reply.

1) Can Husband approach Consumer Redressal Forum and RBI against Bank for deficiency in service even though matter is subjudice?

2) In case of Civil Suit on what basis court will decide whome to pay. As bank is saying on record that on "oral instructions of husband" mandate changed to "either or survivor" and period also. "either or survivor" both can operate accounts individually (both are alive).

3) Is "oral instruction" legal in banking business / law?

(Guest)

oral instruction is legal only when bank has some voice recording.

Kumar Doab (FIN) 26 July 2011

You can try:

-Send a written complaint to the Nodal Officer of the Bank, and MD with a copy to RBI, with facts as described by you. Ask them to take action immediately and pay their debt (FD amount =principle amount +I interest for 1 year), take action against their staff, and withdraw the court case.

-To supply you the certified copy of FD from submitted by you, certified copy of 1st FD created in bank records( manual or computerized) ,certified copy of the written instructions issued by you (original owner of FD) to change the period from 12 to 36 months and from single owner to joint owner with clause of E&S.

Ask them to issue notice to your wife to immediately deposit original FD's with bank.

You should highlight that without your written instructions and appearing in person bank can not make any changes in FD which is debt bank owes to you.

You should point out that this may be another case of forged signatures.

You can point out that you are contemplating to seek legal opinion and may proceed to file representations with RBI and file a criminal case/complaint, at the cost and consequences of bank.

-Nodal Officer and MD of the bank can not ignore the anomalies pointed out by you and shall have to run discreet enquiry. They can access bank's computerized record without any approval by BM.

-You can mention that you are contemplating to approach institutions of print and electronic media, NGO's, social and legal forums, ministries etc and this shall be at the cost and consequences of the bank.

As per the enquiry by Nodal Officer and MD you may get relief.

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