Fixed deposit in the name of deceased person
Pucki
(Querist) 15 July 2014
This query is : Resolved
A fixed deposit is jointly held, with one person is deceased. This FD has also got nominee. Who should get FD amount?
Pucki
(Querist) 15 July 2014
A and B had saving bank a/c in their name. A fixed deposit is made in the name of A and B. C is nominee of this FD. Now A is no more. Who should FD amount be given?
Pucki
(Querist) 15 July 2014
I hope this should not impact the query itself?
Devajyoti Barman
(Expert) 15 July 2014
yes, I do not rely query randomly put by professionals.
Pucki
(Querist) 15 July 2014
I hope there is nothing to unrely about this query. This is also general occurrence in many FD cases, where there is jointly held FD and one of the person remains no more. Such FD has also nominees. So who should get FD amount?
T. Kalaiselvan, Advocate
(Expert) 16 July 2014
By getting opinions from experts, there are chances for misappropriation of such savings amount by unscrupulous people, taking the cue, hence as a caution, the experts do clarify such details. Expert Mr. Barman is quiet right in seeking the details from you so that a proper opinion can be rendered. You may reply him first.
V R SHROFF
(Expert) 16 July 2014
If you are not concerned, we are not here to reply ACADEMIC QUERY.
Pucki
(Querist) 16 July 2014
This is not academic query. Though I have no bad intentions, there is two party who could claim FD amount. However opinion in favour of one doesn't stop other to form opinion in his favour.
Therefore judgement would be based on any circular or logic in this regard and basic fundamental.
Please let me know the solution?
RAJU O.F.,
(Expert) 16 July 2014
First ensure both joint depositors signed nomination form, in favour of another person. Normally banks do not accept such nomination. In the instant case, nominee can claim deposit, if both depositors are deceased. Bank can take a decision of making the deposit in joint names of nominee and the depositor alive. Usually joint deposits are made payable to 'either or survivor'.
T. Kalaiselvan, Advocate
(Expert) 17 July 2014
I agree with the views of expert Mr. Raju. Generally, the jointly held deposits do not mandate Nominee on any one of the holder's behalf. It will be E or S (either or Survivor). Further the nominee here cannot take the money himself/herself, a Nominee under such a situation is just a person to receive and distribute the estate of deceased to the legal heirs of the deceased. Under such a a situation without confirming the details it will be difficult to render any further opinion to this.
