Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Menon (Propreitor)     13 October 2020

Bank failed to endorse nominee name in their records

My father had a Term Deposit under SCSS 2004 scheme but bank failed to endorse the nominee name in their records though Bank agrees that nominee name was clearly mentioned in the application form by my father but left out by bank to endorse it in their records. My father died last month and i need your expert opinion as to how I could get my name endorsed in the Bank records at this point in time. Please help.


Learning

 4 Replies

Sudiksha Gupta   13 October 2020

The depositor may, at the time of opening of the account, nominate a person or persons who, in the event of death of the depositor, will be entitled to payment due on the account. Yes, nomination may be made by the depositor at any time after opening of the account but before its closure, by an application in Form C accompanied by the Pass book to the deposit office. The nomination made by the depositor may be cancelled or varied by submitting a fresh nomination in Form C to the deposit office where the account is being maintained. Nomination can be made in joint account also. In such a case, the joint holder will be the first person entitled to receive the amount payable in the event of death of the depositor. The nominee’s claim will arise only after the death of both the joint holders. A person holding a Power of Attorney cannot sign for the nominee in the nomination form.

To answer your question, As per Senior Citizens Savings Scheme Rules, 2004. [Rule 8(4)], when there is no nomination at the time of death of the depositor (your father in this case), the amount standing to the credit of the deceased depositor will be paid by the deposit office to the legal heirs of the deceased depositor(you)  on receipt of an application in FORM-F along with a certificate of death of the depositor and a succession certificate or Letter of Administration with attested copy of probated will of the deceased depositor issued under the provisions of the Indian Succession Act, 1925 (39 of 1925) (documents required)

In other words, you will have to submit certificate of death of your father, a succession certificate or Letter of Administration with attested copy of probated will of your father. This has to be submitted as an application under Form F (https://dea.gov.in/sites/default/files/SeniorCSavingSch.pdf, page no 16)

Menon (Propreitor)     13 October 2020

Sir 

Thank you for your swift reply. In this case my father had apparently mentioned the nominee name in the Application form but inadvertently Bank missed to enter the nominee name in their records. My father's application is solid proof which Bank is holding. Bank also has admitted their mistake. Can I insist Bank to endorse the nominee name in their records and hand over the proceeds to nominee? Please advice. 

 

Thanks

Menon

Advocate Bhartesh goyal (advocate)     14 October 2020

Yes, you must insist bank manager to endorse the nominee name in your father's account record since non mentioning nominee's name in record is mistake/error of bank which comes under purview of deficiency of service, even then if bank does not endorse nominee name in their record knock the door of District Consumer Forum and claim amount ling in your father's account along with comentarios towards mental and physical agony

Menon (Propreitor)     14 October 2020

Thank you Sir 


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register