Settlement of a saving account without nomination

Pankaj (Querist) 12 October 2017 This query is : Resolved
Dear sir
My father has one saving account in a nationalised bank in which he has not nominated anybody.
Now his age is 72 years and he is suffering from dementia and he has lost his memory and lost his language and conciousness so whenever he try to speak which is not getable and moreover he is unable to sign as well.

In view of such circumstances what is to be done to settle that saving account ?
Plz guide....

Follow Query

Report Abuse

Rajendra K Goyal (Expert) 12 October 2017
Amount can be withdrawn to the tune of medical expenses if the attending doctor / hospital so writes and Bank agrees and Bank officer take thumb impression before two witnesses.

If no nomination exists, after account holder demise Bank can pay the amount in account to legal heirs on getting application, affidavit, indemnity bond etc.

Amount an be paid on submitting succession certificate from court.

Kumar Doab (Expert) 12 October 2017
The Bank/BM may be requested to visit the incapacitated customer and note in report the condition.
You may benefit from the perspective posted by Mr. Rajendra K Goyal.

In case he a/c is kept operative and /c holder deceases and if the funds are within threshold limits the bank/BM can pay to person in whose favor disclaimer is signed by legal heirs..............and upon getting indemnity,surity etc etc

Kumar Doab (Expert) 12 October 2017
In the meantime you may go thru:

RBI; Master Circular on Customer Service in Banks
https://www.rbi.org.in/scripts/bs_viewmascirculardetails.aspx?id=9008

Sudhir Kumar, Advocate (Expert) 13 October 2017
have you at all consulted the bank manager.

Guest (Expert) 13 October 2017
Apparently, it is purely an academic query.

If not academic query, what do you mean by "settlement of saving account without nomination" when your father is still alive and question of nomination is irrelevant in that case?

Presently, you don't have any legal problem, when you have not stated what problem on what issue the bank has created an problem in the account.

krishna mohan (Expert) 15 October 2017
You can get a form for nomination from the Bank and submit for update in the Bank records. Bank officer if required may undertake a visit to assess the condition of the father to accept the nomination at the belated stage. You can apply for ATM card if not done part of the same process as and when he is having conscience and able to talk and sign.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now