Ram and Shiva are partners are the only partners of a firm. The firm is having a fixed deposit of Rs.100000/- with Big Bank. Ram expires and the firm submits the death certificate. Shiva obtains a Letter of Administartion from High Court of property and credits Late. Mr. Ram.
Shiva now requests the Big Bank to credit his existing SB account the following proceeds :
1. The F.D amount of the firm
2. The amount in SB account of Ram.
Query(From bank's point of view)
1. Whether the bank should open a separate account for crediting the above mentioned proceeds ?
2. Any other legal formalities to be followed ?
Please help !!.