Right over fixed
prakash vka
(Querist) 02 August 2014
This query is : Resolved
my father is staying with my step mother . he has been declared as a psychiatry patient . Now most of the account held my father is in joint account with my step mother when this FD get mature my step mother will deposit this FD in this account and withdraw the money . which has already happen .I have a sister also . Now is there any way that only money can be withdraw for his medical with the knowledge of all the legal dependents. Can i get legal order in this matter MY fathers age is 78 years cannot be cured
Devajyoti Barman
(Expert) 02 August 2014
Unless your father gives consent for this, you can do nothing. Either of the joint holder of FD can do anything with this.
Dr J C Vashista
(Expert) 03 August 2014
I have similar opinion in the given circumstances
prakash vka
(Querist) 03 August 2014
sir the fixed deposit is in my father s name only My step mother is only a nominee in it Is there no way where I and my sister can make a claim over this FD
P. Venu
(Expert) 03 August 2014
You and your sister have a claim over the funds that remains after his lifetime. A nominee is only a trustee on behalf of all the legal heirs.
prabhakar singh
(Expert) 03 August 2014
You told your father is certificated as psychiatric patient then not all but only nominations preceding to date of this certification are valid.
However a nominee has only facility to receive money from banker without issue of any succession certificate on behalf of all successors.
Hence your step mother would be treated trustee and would be accountable to pay your and your sister's share.
In existing circumstances,you can write to bank not to pay her and also file injunction suit against her or guardianship proceeding.
T. Kalaiselvan, Advocate
(Expert) 03 August 2014
Your statements contradicts to your both the posts. In the first post you have stated that the account is in the joint names, in the next post you say that your step mother is just a nominee. Which is right?, Is your father a psychiatric patient, if so, his signatures to withdraw the amount will not be valid, as a legal heir to the psychiatric patient, you can first obtain an injunction against your step mother restraining her from siphoning off the money in his account(single)but that requires along procedure, i.e., to declare him mentally challenged through certificates by court, then seeking to appoint yourself as guardian quoting your stepmother's fraudulent activities to illegally misappropriate his movable as well as immovable properties, better consult a local lawyer and get his further opinion and proceed accordingly.
prakash vka
(Querist) 03 August 2014
sorry T kalaiselvan sir. Now most of the saving account held my father is in joint account with my step mother where the interest of the FD is credited . As my fathers mind is not stable he signs all the documents .Last time my step mother got my fathers FD signed by him and deposited the same in the joint saving account which she was able to withdraw.most of the FDs are on my fathers name .please tell me what to do
Kumar Doab
(Expert) 04 August 2014
Learned experts have given valuable advice.
Shri Prabhakar Singh ji has illustrated the steps you should take.
Kindly follow it.
FD’s are single a/c and step mother is nominee. The bank shall prepare the proceeds in the name of FDR a/c holder and shall handover to a/c holder until or unless as per Bank rules the FDR can be given to any one else.
The BM is under obligation to supply the acknowledgment obtained from recipient (a/c holder or any one else) and may act also if it smells trouble.
The mandate of joint a/c may be checked. If it is joint operation then without signature of both a/c holders’ funds can’t be withdrawn.
The objection if any is to be raised by the a/c holder.
In case the Father is not mentally fit then you have to first register your objection (Aitraj) with BM/Bank and may have to obtain court order. Many of the bankers/BM’s/Banks are alert on getting the objection and Act. If required you can attach copy of the Doctor’s prescription showing diagnosis and show the original and ask the BM to mark OSV and obtain copy. You can escalate to Nodal Officer, MD, Chairman…………………….and BM shall submit for legal opinion from his legal cell.
Bank may act on legal notice from lawyer too.
All said and done you should approach a local lawyer with all docs on record and proceed to follow the advice of experts rendered in this thread under the expert guidance of your able lawyer.
Rajendra K Goyal
(Expert) 05 August 2014
You have no right on the funds held in joint account. For FD in single name can be credited in joint account and can be withdrawn as per operational instructions of the account.
If you are able to prove in court that your father is psychiatric patient, you can get injunction from court for siphoning of the funds. For this consult a local lawyer.
Guest
(Expert) 05 August 2014
Nobody else, other than the joint holder, can have the right over the money of a joint account in the life time of any of the joint holder.
