Fixed deposit interest payment default

File criminal complaint under section 138 NI Ac. Youe entire amount shall be recovered.

Sir, 
I believe, the said act / section (section 138) is only applicable to the 'dishonour of cheque', right?
 

The other part of my problem - the proprietor refusing to give the principal amount even after maturity still exists? Can u please tell me which act or section deals with such issue and practically what  outcome can i expect after filing the complaint ?

since fixed deposit was in your father name are you the only legal heir ? did your ftaher leave behind a will ?

or he died intestae?

did he leave behind any nomination?

Yes,  He died intestate. There is no will. The nomination is my mother on the FD reciepts.

My mother, Me and my sister are legal heirs.

since your mother is a nominee write letter to compnay requesting them to hand over fixed depsoit amount on maturity to your mother as she is nominee . furnish NOC of other legal heirs .

request the company whether they require any other documents .

if company states it is unable to return the fixed deposit file suit against the company for recovery of the amounts lying in fixed deposits .

consult a local alwyer

Dear H Sharma

Your mother is a nominee so you can write letter to the company requesting that settle the fixed deposit amount  , you can furnish all documents If company asking for settlement the fixed deposit amount. Please don’t forget to get the acknowledgement from the company and it is future supporting to your complaint.

If the company willfully default to settle your fixed deposit  amount than you can approach the RBI Governor /Regional Director/ RBI Banking ombudsman in your state. You can also facility to file complaint against the company by online please visit:  https://www.rbi.org.in

Don’t accept monthly installment payments.

1) If i file a law suit against them, how much time will it take as per your experience to get the deposits back?  currently by accepting monthly payments it will take him almost 3 yrs..

2) the above named companies - ABC investment & finances / XYZ co-op credit society...are they under the purview of RBI? co'z they donot fall under the category of banks neither under NBFC nor under UCB..right? just wanted to get my basics right before i take such steps...

the propreitor was my father's friend and Dad had asked him many times verbally to give back the money but he said that since he suffered big losses in his buisness...he doesnt have money to give back..