Pertaining to fix deposit in case of either or surviver

nikhil (Querist) 07 July 2015 This query is : Resolved
dear sir,
i had fixed my 20000 rupee on 17-04-2001 through my brother who is a cashier in SBI BANK and he fixed my money in case of "either or survivor" with me and with him and then he gave me the original 'FD' document. the maturity of FD was 17-04-2008 and again it was renewed by me for 17-04-2015. but my brother broke my 'FD' himself on 03-02-2011 without my permission and without the original document that i was holding and transferred the amount in his own savings account without informing me. so i want to know is it legal or is this a case of misuse of authority. so i request you please help me what can i do.

Follow Query

Report Abuse

Jayashree Hariharan (Expert) 08 July 2015
if the FD is in your sole name then he cannot do it.

Anirudh (Expert) 08 July 2015
As the FD is on "either or survivor" basis, he can also operate it. As for the non-availability of the Original FD, he might have reported it to have been lost and given an "Indemnity Bond" to the bank.

Guest (Expert) 08 July 2015
What your brother had done is nothing but Criminal Breach of Trust.You first write to the Bank Manager in detail and find out what had really happened.During the enquiry it self your brother would come forward for settlement.Other wise basing on the Banker's reply you could initiate criminal action against him.

Kumar Doab (Expert) 08 July 2015
Check with Bank and obtain reply preferably in writing.

Proceed further after examining the reply.

The Bank is under the purview of RTI also.

The bank employee having a good job has fallen for amount that is peanuts compared to service benefits.

Dr J C Vashista (Expert) 09 July 2015
Nothing wrong done by the brother since the FD can be encashed/ released to "either or survivor" irrespective of the fact that you were holding the fixed deposit receipt (FDR). Do not scratch your head in dark.

Guest (Expert) 09 July 2015
Dear Author Stating a Wrong Information to the Bank for applying Fresh Certificate is also an additional Criminal Offence.

Rajendra K Goyal (Expert) 09 July 2015
FD is receipt of money deposited and not a negotiable instrument. Bank may pay the deposit without original receipt.

Some of the Banking experts have mentioned that the mandate "Either or survivor" in case of FD would be operative on maturity and before it consent of both are required for any change. While other experts differ with it, according to them either or survivor mandate is operative even before maturity.

It is advisable, the amount is not big try to have amicable settlement with your brother.

Kumar Doab (Expert) 09 July 2015
Before maturity signatures of all would be required.

Visit circle office instead of BM and examine the bank manual and download the clause number.

If RBI guidelines and Bank's internal guidelines are violated Bank/Banker/joint holder all can be penalized.

Previous

Next

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

Click here to login now