Bank guarantee and Indemnity bond
Liyakat Khan
(Querist) 05 October 2010
This query is : Resolved
My Dad has a Fixed deposit in Bank of Baroda,but he did not assign any nominee.He expired in 2007.My Dad & mother also have a joint saving account in the same bank and I also have separate saving account. The maturity date of Fixed deposit is over and we want the fixed deposit amount to be transferred in my mother's name. The bank ask us to make an indemnity bond and 2 guarantors.I tried to arrange for the guarantors,but could not arranged it.It is now not possible for me to get the guarantors.
My question is that,
1) Is there any other alternatives to get the fixed deposit money transferred to mother's saving account.
2)Instead of 2 guarantors and indemnity bond, can i give bank guarantee,because I am also having a separate saving account in the same bank.
Please guide me what should I do and the procedure.I would like to remind you once again that I am unable to get the 2 guarantors.Please help me.
R.Ramachandran
(Expert) 05 October 2010
Dear Liyakat,
From your post, I understand that after your father's death only your mother and you are his legal heirs (I suppose you don't have any brother or sister).
This being the case, you have to apply to the Revenue Authorities i.e. Tehasildar of your area, for grant of legal heir certificate. On the basis of the legal heir certificate, you can get the payment of the fixed deposit and other accounts lying with the bank in the name of yourself and your mother. Similarly on the basis of the legal heir certificate other properties left behind by your father can also be got mutated in your names.
Better consult a local lawyer for help.
pawan sharma
(Expert) 05 October 2010
yes, you can gave your's guarantee.
R.Ranganathan
(Expert) 09 October 2010
I agree with expert Mr. Ramachandran.
R.Ramachandran
(Expert) 06 July 2018
Ms.Usha Kapoor: You seem to be the new RIP WAN WINKLE! you are waking up after 8 years of the query. STOP THIS NON-SENSICAL PURSUIT OF TRYING TO SCORE LCI POINTS, WHICH IS MEANINGLESS!
