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Aks   09 March 2017

Axis bank not releasing funds to nominee.

I am the nominee on my late mother's FDs and DMAT account. I have been struggling to get funds transferred to my account for last 6 months. Bank is very uncooperative. Axis Bank nodal officer did not solve the problem. Complained to RBI ombudsman ..no reply. Why the Bank is doing it and what should be my next step ? Bank clerk said there is no court order restraining the Bank.

Is this common in India that Banks delay and harass the nominee?

Please advice as it's frustrating that Bank is so rude and uncooperative and higher agencies are dysfunctional. How does one deal with such Banks ? 


 11 Replies

G.L.N. Prasad (Retired employee.)     09 March 2017

1.File this as complaint/grievance on their website/portal.

2.Issue notice to Branch under CP Act demanding for settlement of claim within a week warning them that you have to file complaint before District Consumer Forum.

3.If the Ombudsman failed to reply, file this as grievance in RBI portal pgportal and also file appeal to Appellate Authority, Dy.Governor RBI, Mumbai.

1 Like

GANDHI MOHAN BHARATI (Pensioner)     09 March 2017

You can also file a case in Court. 

As per RBI instructions Banks are bound to honour the Nomination unless it is stayed by a Court Order.

You must also understand that a Nominee holds the Funds in Trust and Legal Heirs can claim it.

Kumar Doab (FIN)     09 March 2017

RBI Master Cicular on Customer Services; Section 19 & 20.

RBI is central bank and guidelines issued by it have statutory force (includes above mentioned circular).

Until or unless there is court order bank should pay to nominee.

If there is NO such Court Order then bank is negligent and deficient.

You could have taken help from CEPD; RBI.

Kumar Doab (FIN)     09 March 2017

Is it same query:



GANDHI MOHAN BHARATI (Pensioner)     09 March 2017

Thank You Shri Kumar Doab for giving the circular No.

Kumar Doab (FIN)     09 March 2017


Kumar Doab (FIN)     09 March 2017

You are welcome Shri GANDHI MOHAN BHARATI. 


Kumar Doab (FIN)     09 March 2017


Aks   11 March 2017

Mr Kumar Doab,

I sincerely thank you for sending me the Master Circular of RBI rules . This is very useful for me to understand a lot about 

how to deal with erratic banks like Axis Bank.  You empowered me with the knowledge I needed. Thank you again.



Kumar Doab (FIN)     11 March 2017

I have left a tip for you in your other thread also.

Hope with the help of lawyer chosen by you shall be on the right way ahead.

Kumar Doab (FIN)     11 March 2017

You are welcome.


Wish you the best.

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