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Fixed deposit fraud

Page no : 2

Kumar Doab (FIN)     31 August 2016

Certainly amicable settlement is always the best.

 

In the matter posted by you, it is strange that even the Sons have preferred not to  spend from their own funds, on bedridden sick father.

Even daughter has not spent from her funds.

Instead funds were withdrawn from FDR of father and they have gone to the extent of taking thumb impression of bedridden sick father.

This gives fair hint that amicable settlement shall require effort.

Still amicable settlement should be preferred.

 

G.L.N. Prasad (Retired employee.)     31 August 2016

A thread opened without adequate details drags the issue to several pages and at the end one forgets what was the exact query. The deposits were preclosed by depositor himself for his medical expenses. Now his grand son the nominee suspects a foul play by his maternal uncles. Mere suspicion is not enough, and bankers take utmost care while disbursing funds, and invariably obtain attestation and necessary papers and always takes care that the amount was paid to bonafide depositor only. I should congratulate the queriest, as after several years I have seen so many replies by members for a single thread in short time. He could all the big heads together for his issue.

Kumar Doab (FIN)     31 August 2016

The exact query verbatim to each point has been discussed from beginning.

 

It is correct that the factors involved in it ( as posted by querist) are preturbing hence so many replies and illustrations.

 

You as a nominee have vested right  to obtain claim forms from bank and submit claim.

Since the a/c had valid nomination: NO Indemnity, NO Surety is waranted.

Let the bank reply whatever it wants.

Procedure was followed or not.

Foul play was there or not.

Soon the bank/bankers may bring everyone on table and a/c each penny.

( This may be the recourse if other elders/well wishers are unwilling or family members are unwilling to involve elders/well wishers etc etc).

 

Rest you may go thru: RBI Master Circular on Customer Services; Section 19 & 20 in particular.........

 

 

 

G.L.N. Prasad (Retired employee.)     31 August 2016

Kumar Doab Saab,

That is what exactly I have posted in earlier post.

Where is the deposit ?  The depositor himself pre closed the deposit ?  When there is no deposit with Bank, how can nominee enter into arena ?

The claim from nominee arises from date of death and not to already closed deposits by depositor himself  Even in such cases, physical production of certificate is also important.

The queriest suspected a foul play and assumes some thing.  Due to accountability and risk factor, a banker takes more than enough precautions as the signature in the opening form differs from LTI of depositor while preclosing.

Kumar Doab (FIN)     31 August 2016

The guidelines for incapacitated depositors are in place.

In case of any foul play, by bank/banker, legal heirs, etc etc anyone has right to ask the bank/banker, by which clause/power/norm the payment was made..............

 

Usually the bank/banker/BM attempt to inform and share so as to avoid written queries/complaints.

 

If Nominee or  daughter want they can ask and/or find out if any liablity can be fastened on bank/banker. 

If bank has paid as per well laid norms then legal heirs (daughter) can take up with each other.

 

In any case the querist/legal hiers have to settle the matter amicably.

 

Or court is there as 'parens patriae'.

Kumar Doab (FIN)     31 August 2016

The guidelines for incapacitated depositors are in place.

In case of any foul play, by bank/banker, legal heirs, etc etc anyone has right to ask the bank/banker, by which clause/power/norm the payment was made..............

 

Usually the bank/banker/BM attempt to inform and share so as to avoid written queries/complaints.

 

If Nominee or  daughter want they can ask and/or find out if any liablity can be fastened on bank/banker. 

If bank has paid as per well laid norms then legal heirs (daughter) can take up with each other.

 

In any case the querist/legal heirs attempt to settle the matter amicably.

 

Or court is there as 'parens patriae'.

P. Venu (Advocate)     31 August 2016

All that could be surmised of the contents of the author's two different postinga is that they suggest a deeper problem. It appears he is harbouring some mistrust against his uncles as to the sharing of the property of his late grandfather.  Such mistrust is double-edged sword  - it could hurt all.

Kumar Doab (FIN)     31 August 2016

Venu Sir,

In the extended and illustrated threads the issues have been discussed.

Both parties should settle their differences.

Common Man (Occupation)     01 September 2016

Thank you all for giving me knowledge on this. There are a few more fixed deposits of 'A' which are not preclosed for which his grandson is the nominee given in written by 'A' to the bank when alive. How will the grandson proceed further to claim the amount? Please suggest.

 

 

Thanks in Advance,

Regards,

Shiva

Kumar Doab (FIN)     01 September 2016

It has already been suggested that Nominee can submit the claim form without any surety,indmenity to th bank.

 

Common Man (Occupation)     01 September 2016

Hi Sir,

 

Thank you for your advice. Will there be any other issues from legal heirs while the registered nominee is claiming the amount from the bank?

Regards

 

Shiva

Kumar Doab (FIN)     01 September 2016

It has already been posted that bank can discharge its responsibility by making the payment to nominee...................................until or unless there is a stay by court.

 

And that Nominee is mere a trustee and has to distribute the proceeds to legal heirs.

 

If Nominee breaches the trust, legal heirs can sue.

 

Kumar Doab (FIN)     01 September 2016

Venu Sir,

Acronym : cat is out of the bag.

Common Man (Occupation)     01 September 2016

Respected Lawyers,

Its an immense pleasure talking to you all. Thank you all for your valuable suggestions. 

G.L.N. Prasad (Retired employee.)     02 September 2016

It is too early to be happy, the legal heirs can bring a stay order asking the bank to stop payment, if the money is not self acquired by the depositor.  Nominee is just an agent and not a legal heir unless there is a will bequeathing the properties.  Take care in each step, if you file a polilce complaint on FDR preclosure, they may retaliate and bring stay order against your withdrawal.  

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