Fixed deposit (without nominee & surviver clause)

sourav (Querist) 08 January 2016 This query is : Resolved
Mr.X have fd in bank in single name without nominee,he died on may 2015,now there children are NRI.So there is any time limit for claim that fd from bank?

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B K Raghavendra Rao (Expert) 08 January 2016
No time limit exactly. It is better to claim early as you would be loosing interest on it.

Guest (Expert) 08 January 2016
They should obtain Legal Heir Certificate First .The Requisition of LHC could be filed with Legal Attestations and Death Certificate.After getting it let their Representative meet the Concerned Branch Manager and he would Guide Perfectly.

Kumar Doab (Expert) 08 January 2016
The Legal heirs/successors as per personal law applicable to deceased e.g. Hindu shall share the proceeds equally.

Usually banks agree as per their internal procedure to pay without succession certificate. In such case Bank may ask for surety/disclaimer/witnesses/KYC docs of claimants etc.............

The procedure and formats are to be kept on website also......................and it has to be in line with 'Deceased Depositor' policy advocated by RBI.

Rajendra K Goyal (Expert) 09 January 2016
Legal heir certificate should be obtained.

All other NRI can send their renunciation letter in favor of any one.

Complete formalities and get the amount from the Bank.

No need of getting succession certificate.

Bank formality can be completed by any one legal heir, if renunciation from others received.

ADV-JEEVAN PATIL, MUMBAI (Expert) 09 January 2016
1) There is no time limit to claim
However more late u submit ur claim more difficulty will arise.
2) procure heir certificate N submit claim.

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