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ramkumar R   17 February 2018

Nominee is fraud person. Seeking urgent reply from benign lawyers

seeking urgent reply. i am 76 year old man. what to do when nominee who is not legal heir has taken money of my son's fixed deposit amount without our notice. he is not handovering the money to us. please let me know the procedure. is the nominee is punishable.


 6 Replies

Suri.Sravan Kumar (senior)     17 February 2018

Nominee is only the custodian to receive money. He has no right to enjoy the money unless he is authorised to do so by the depositor by way of any WILL. You have two options1. To file complaint against him. 2 to issue legal notice and file recovery suit against him.

1 Like

MPS RAMANI (Scientist/Engineer)     17 February 2018

If the deposits are still with the bank, urgently try to get a court order to the bank freezing the deposits until the case is decided by the court. Without a court order you cannot prevent the bank from disbursing the moneys to the nominee. They say that nominee is only a custodian. But things like cash will vanish in no time.

1 Like

Kumar Doab (FIN)     17 February 2018

It is believed that you are all Hindu. Confirm!

Kumar Doab (FIN)     17 February 2018

The Bank has discharged IT’s responsibility by making the payment to nominee and also since there was NO order from court restraining the Bank…..

GO thru;

RBI; Master Circular on Customer Service in Banks

20.1 Accounts with survivor/nominee clause

20.1.1 In the case of deposit accounts where the depositor had utilized the nomination facility and made a valid nomination or where the account was opened with the survivorship clause ("either or survivor", or "anyone or survivor", or "former or survivor" or "latter or survivor"), the payment of the balance in the deposit account to the survivor(s)/nominee of a deceased deposit account holder represents a valid discharge of the bank's liability provided :

  1. the bank has exercised due care and caution in establishing the identity of the survivor(s) / nominee and the fact of death of the account holder, through appropriate documentary evidence;
  2. there is no order from the competent court restraining the bank from making the payment from the account of the deceased; and
  3. it has been made clear to the survivor(s) / nominee that he would be receiving the payment from the bank as a trustee of the legal heirs of the deceased depositor, i.e., such payment to him shall not affect the right or claim which any person may have against the survivor(s) / nominee to whom the payment is made.

20.1.2 It may be noted that since payment made to the survivor(s) / nominee, subject to the foregoing conditions, would constitute a full discharge of the bank's liability, insistence on production of legal representation is superfluous and unwarranted and only serves to cause entirely avoidable inconvenience to the survivor(s) / nominee and would, therefore, invite serious supervisory disapproval. In such case, therefore, while making payment to the survivor(s) / nominee of the deceased depositor, the banks should desist from insisting on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the survivor(s)/nominee, irrespective of the amount standing to the credit of the deceased account holder.

 

https://www.rbi.org.in/scriptts/BS_ViewMasCirculardetails.aspx?id=9862

 

Kumar Doab (FIN)     17 February 2018

It is sad that your son has deceased and nominee in FDR of deceased a/c holder is not sharing the proceeds with Legal Heirs.

If Hindu; the Class legal heirs if present have 1st right i.e. Mother (if alive as on date of death), wife (if alive as on date of death),sons, daughters…………….

Being father you are not ClassI legal heir.

The legal heirs can proceed to recover from said Nominee.

Money disappears very fast so you may approach a very able Senior LOCAL Counsel of unshakable repute and integrity specializing in Civil matters and having successful track record………………….ASAP and proceed against the said nominee. 

1 Like

ramkumar R   18 February 2018

Thank you very much for your advice. Yes I am hindu

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