Mr. Rajeev has given valuable advice. Kindly follow it.
If the account is ‘Either or Survivor’ or ‘Former or Survivor’ the Bank should pay without any delay.
The BM has to comply with the policy guidelines.
The guidelines are issued by RBI which is mandatory on banks.
In compliance to RBI guidelines the watchdog BCSBI, IBA also issues guidelines.
Indian Banks' Association (IBA) has formulated a Model Operational Procedure (MOP) for settlement of claims of the deceased constituents, under various circumstances, consistent with the instructions contained in this circular, for adoption by the banks.
https://www.iba.org.in/MOPSettlementClaims.pdf
These guidelines are maintained on website of the banks and should be made available in Branch even the printed version.
It is felt that the min. threshold limit even for big banks like is Rs.10000/ only.
The BM would need Disclaimer and letter of Indemnity from legal heir.
RBI: Master Circular on Customer Service: 20. Settlement of claims in respect of deceased depositors:
20.2 Accounts without the survivor / nominee clause:
In case where the deceased depositor had not made any nomination or for the accounts other than those styled as "either or survivor" (such as single or jointly operated accounts), banks are required to adopt a simplified procedure for repayment to legal heir(s) of the depositor keeping in view the imperative need to avoid inconvenience and undue hardship to the common person. In this context, banks may, keeping in view their risk management systems, fix a minimum threshold limit, for the balance in the account of the deceased depositors, up to which claims in respect of the deceased depositors could be settled without insisting on production of any documentation other than a letter
of indemnity.
>> As far as ‘Bedakhal’ is concerned a local lawyer can advise you the best after looking into the docs and record.
>> If the Father is not is not able to maintain him due to inadequate funds the lawyer can advise on the possibilities of seeking maintainance from his children.
The Code Of Criminal Procedure: Sec 125 provides the provision to the maintenance of the parents by their children, no matter to which religion or community they belong to.
The Maintenance and Welfare of Parents and Senior Citizens Act, 2007
And also seek assistance from:
National Council For Older Person called Agewell Foundation by Ministry Of Justice And Empowerment.
There are threads with similar queries which you may find useful e.g:
https://www.lawyersclubindia.com/experts/Surety-amount-and-required-documents-to-claim-fd-s-without-nomination-427281.asp#.UmUhxHCAqWM
https://www.lawyersclubindia.com/forum/details.asp?mod_id=75491&offset=1#.USncq0pMe8A
Discussion > Civil Law > Father right in son salary
