Joint account in bank

Querist : Anonymous (Querist) 08 December 2011 This query is : Resolved
My Father and Mother are having a Fixed Account in Bank. They had not mentioned any 'Nominee' yet in the Bank records. We are two brothers and two sisters. My Father is alive and mother is also alive. All brothers and sisters are alive. Who will be the Legal Heir's to receive the Amount if my Father dies?

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Devajyoti Barman (Expert) 08 December 2011
All or any one on behalf of others.

Sailesh Kumar Shah (Expert) 08 December 2011
Brothers ans sisters.

vinay vaidhya (Expert) 08 December 2011
the bank will give one indemnity affidavit all the family members have to sign and then the bank will release the amount to one family member

Advocate. Arunagiri (Expert) 08 December 2011
All the legal heirs are having equal rights.

Any one can get it by producing succession certificate and NOC from others.

prabhakar singh (Expert) 08 December 2011
Every answer seems right in its own way.

Devajyoti Barman (Expert) 08 December 2011
Bur curiously Mr Shah has excluded the mother.

prabhakar singh (Expert) 08 December 2011
Yeah!Mr.Barman i failed to notice.

What do you say?????Mr Shah!!

ajay sethi (Expert) 08 December 2011
agree with experts mother and the children

Raj Kumar Makkad (Expert) 08 December 2011
All but they may also appoint anyone on their behalf mutually but what is the need to raise such nonsense query when your father is still alive?

Shonee Kapoor (Expert) 09 December 2011
:-)

what kind of account is is Either or Survivor?

Then no need to worry, other party would get it. Otherwise as advised by experts.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Guest (Expert) 09 December 2011
There are two separate issues, (1) the banking business law aspect, and (2) claim on the money based on succession.

According to banking business law, on production of death certificate, the account would be converted from joint account to a single account in the name of your mother. Bank would not be obliged to entertain any claim of the successors till the mother is alive. So, the entire money will go to your mother in that event. Once the account is concverted in to a single account, none of the hiers would be entitled to any share in that money unless claimed specifically through court order by production of succession certificate.

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