Respected sir\madam
Querist :
Anonymous
(Querist) 19 May 2011
This query is : Resolved
my father died in an road accident in the year 2005.so we got compensation via court
my sister is minor only 13years old,so her amount is deposited in the bank via court
but in lowest interest rate the amount five lakhs is deposited(7.5%)in the bank.but in nowadays the rate of interst in bank is 9.50%.
my question is
1.whether we have the rights to change the bank who gives high rate of interest?what is the procedure for changing?how many days it takes place?
2.she is minor and also the amount is deposited in the bank via court.so whether she needs PANCARD and 15Gform for taxdeduction?
3.whether we directly produce the PANcard in the bank or we want to produce the pancard in the court?
sir iam in rural village so ididnt have any knowledge so plz give us correct direction via my mail dineshrajaips@gmail.com
M/s. Y-not legal services
(Expert) 20 May 2011
If the lower court fix the interest mean you can file an appeal before your high court for fix the interest rates..
M/s. Y-not legal services
(Expert) 20 May 2011
Minor didn't produce the pan card before anybody. Either before court or bank.. Simply the amount will be safety in bank account.. If she want mean she can withdrawn the interest amount only by court's permit till her majority
Guest
(Expert) 21 May 2011
Dear Anonymous,
About your queries;
1) The question arises, who is the operator of the account, whether the court has appointed any guardian to operate the account or the court itself is operating the account on behalf of the minor, till your sister attains majority?
2) You mst get a PAN card for the minor and intimate the PAN Card No. to the bank, as if the bank deducts any income tax out of the income earned on interest, adjustment or redund may become quite difficult for you.
3) You can directly send attested copy of the PAN card to the bank quoting the account No. and the Court Order about opening of account. However, if the Bank insists for sending through court only then you can send a copy through court of law.
malipeddi jaggarao
(Expert) 22 May 2011
Yes, I agree with Mr.Dhingra.
Whether submission of PAN CARD and 15-G is required?
Answer: If she does not have any other income, and interest income is within the standard deductions/exempted limit of IT, PAN CARD is not necessary. As Mr.Dhingra advised submission of 15-G is required, otherwise, the Bank will deduct TDS. For this your sister/natural guardian of your sister (if still minor) can submit 15-G to the Bank wherein the the money is deposted through court. Generally they will accept even if your sister approaches directly. I presume that the deposit is in the name "....Judge A/c.....(name of your sister). However, in case they ask your sister to submit through court, you hand-over the 15-G to your advocate who is dealing the case.
Regarding question of rate of interest, since the deposit is made through court, you ask your advocate to take steps for pre-mature cancellation of the deposit and making a fresh deposit for this purpose.
