Banking related

Sanjay Lavu Mungekar (Querist) 19 February 2012 This query is : Resolved
My mother statying at village. She is a senior citizen above age of 65. She is having a term deposit with SBI. Our one neighbour at village got some loan from SBI & while applying for loan he fradulently seek my mother's signature as guarantor.

Now the problem is he is not repaying loan and bank refusing to liquidate my mothers term deposit. My mother need her money to meet some medical urgency.

Is there anyway to get her money from bank.

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Sudhir Kumar, Advocate (Expert) 19 February 2012
is she illeterate?

Did he forge her signature?

Did he till him that signatures are for purpose opther than guarantee?

RAJU O.F., (Expert) 21 February 2012
If your mother is a guarantor to the defaulted loan a/c, the bank is justified in holding the deposit amount. She may try to get some loan against security of the said deposit, for her medical treatment at the discretion of the bank.