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saurabh (advocate)     25 September 2010

fixed deposit

here husband lives in punjab and made the  F.D of 7 lacs in wife name...as per as my knowledge F.D cannot be make if the person cannot be present there and has to sign it...then how can husband make f.d of 7 lacs in wife name from punjab and submiting before delhi high court that she is giving this f.d to wife.... which we right now refusd to accept,....there is no joint accont of husband and wife there in punjab ...and also if wife latter accepts it then how can she redeem it beacuse her signature was nt there in making of f.d



 4 Replies

Tajobsindia (Senior Partner )     25 September 2010

1. Your opening brief says that the Husband lives in Punjab.


2. You further say that the Husband has made a FD in
Punjab
, but in wife's name.


3. Then you say he has presented the FD in a Court of Law.

I don't see any issue here. A FD (instrument) can be made anywhere by any account holder since now it is mandatory that all Banks are 
RTGS / NEFT / IFSC
compliance.


I further don't see any issue out of no - issue emerging as the same FD can be reddemed into particular Banks branch in wife's city of residence.


4.
Further the Husband might have also given a Xerox copy of the FD on LDOH which has at the bottom a NEFT code. You may log on to the particular Bank’s official website and may double check if the NEFT code mentioned in FD belongs to that bank from whom the FD was made from. Once established correctness of the NTFS code the FD is authentic.


5. The T&C of a second party made FD does not say that the maker of FD is required to counter sign at the time of its redemption. Further FD is in second party name made from first party account and can be redeemed anywhere with same bank's branch in her city of residence as it is mandatory now for all banks to comply with “core banking”. Wife may redeem it at same bank's branch in her city of residence at the time of its maturity.


Rounding up, the facts emerging from the brief is that the Husband has made a FD in wife’s name from his account in Punjab which is a sole account and presented in HC to give to wife. Your side should accept it and if still in doubt then send Xerox copy of the FD to particular Bank PIO (RTI) for authentification of FD Xerox copy (you are not asking any third party info. so RTI reply will not be denied to your side, all you are asking is authentification of their own instrument and such activity via RTI is doable) and in 30 days you will come to know if it is a forgery or genuine instrument.


6. In case forgery discovered then appropriate remedy lies in using IPC sections which you are better aware of I pre-assume so need to input them at this stage.

Self service (None)     25 September 2010

Saurabh, I am not lawyer but I agree with you. One person can not make FD on others name, person whose name is on FD has to be present and sign FORM. depending on instructions given by applicant amount will be credited on maturity. otherwise person need to again sign on receiving amount.

In case of online banking FD automatically named to primary a/c holder in case of joint accounts.

Only in case of Minor some one can make FD.

You can simply verify FD if you have a/c name /number and if it is on wifes name if any suspicious thing came out you can take appropriate action.

1 Like

(Guest)

My dear Mr. Saurabh,

your question appears to be complicated, but  is very simple.  You go to any one of the branch of the Bank (the bank in which FDR was made) in Delhi and ask them whether they would redeem the FDR without verifyig the signature of the FDR holder and whether they would issue FDR without getting the signature of the FDR holder.  they will clarify your doubt within a few minutes and you can take appropriate steps

2 Like

M.S.Bhalerao (advocate)     26 September 2010

you can approach the  Hon'ble Court with a request application seeking directions to the Bank to make payment of the said FD. Orginal FD to be deposited in Court by obtaining suitable order by the court.


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