Operation of account
Gopal Ranjan Panigrahi
(Querist) 30 January 2012
This query is : Resolved
X having Saving account, FD account , also being proprietor of firm (seperate account) dies without leaving nominee, will etc. Bank freezes all accounts
Y being the only legal hier as also deceased wife
(i)others hiers only being married daughters and their husbands have submitted indemnity forms and there consent in favour of Y before Bank
(ii) Y has also opened an seperate account in capacity of propritor of same firm in same Bank
Y with above documents has claimed before Bank as claimant for all the amounts in the above accountsi.e saving, FD , Proprietor.
In light of above Can Bank give the claim amount to Y,
If yes what additional precautions to be taken as per law.
If No the reason thereof.
Raj Kumar Makkad
(Expert) 30 January 2012
In the given facts, bank can release all the accumulations of deceased X in favour of his wife Y by getting an indemnity bond. As all other legal heirs have already given their consent in this regard so no special formality is liable to be taken. Bank can additionally get the separate affidavits from other legal heirs than Y duly sworn from Executive magistrate providing their NOC to release all accumulations in favour of Y.
malipeddi jaggarao
(Expert) 31 January 2012
Legal heir certificate from the competent revenue authorities is a must.
As Mr.Makkad saheb rightly advised, bank should not have any objections to release the accumulations of deceased in favour of his wife Y by getting an indemnity bond. This indemnity bonds has to be signed by all the legal heirs (wife and married daughters). Bank may ask for surety depending upon the total accumulations to be released. like sworn affidavits also required only when the accumulation crosses certain limit. If all the legal heirs together meet the Branch Manager of the Bank he will advise the procedure and also he will provide the specimen forms like claim form, consent letter nominating Y to receive the monies, surety bond etc.
RAJU O.F.,
(Expert) 03 February 2012
Obtain legal heirship/ Succession Certificate of the deceased proprietor. Bank has to confirm that the persons mentioned by his wife are the only legal heirs. Then obtain an indemnity bond executed by the claimant wife and joined by two sureties of good standing, for release of the deposits of the deceased, to his wife.
J K Agrawal
(Expert) 03 February 2012
It depends entirely at wish of bank. If bank do not feel safe it can demand a succession certificate. Generally Managers has power up to certain limit and if sum is large they demand succession certificate only.
This certificate is granted by the District Judge under Indian Succession Act.
