(Querist) 28 June 2010
This query is : Resolved
Hello!! My father has two FDs in Saraswat Bank.In one FD he has nominated my elder son but not mentioned Guardian name and other FD is jointly in the name of my father & mother.Now , subsequent to the demise of my parents ,the Bank is refusing to transfer the FD in my name.
In lieu of the law of succession you have to approach the civil court for procuring succession certificate whereafter the bank is bound to transfer the FD in your name. In the alternate there is usually descretion vested with the Branch Manager of the bank to transfer the same in case you procure No Objection Certificate from other legal heirs and tender a Indeminity bond as per bank manual.
Chanchal Nag Chowdhury
(Expert) 29 June 2010
I agree with Mr. Daksh. In some states, the Administrator-General is empowered to issue Heirship Certificate if the sum is not huge.This is generally accepted by banks.