Legal Question in Banking Law in India

I am a daughter and my mother passed away one year back. I have two brothers. She had setup an FD for a substantial sum where me and my father are the nominees. She did not want this money distributed to my brothers, however my father is inclined on giving this money to my brothers once FD matures. How can I protect this money and my rights on this money? Can I ask the bank to put a hold on paying out the money once the FD matures and not transfer the money without my signatuer? Please advice


Asked on 6/04/13, 8:48 pm

3 Answers from Attorneys
J. Radhakrishnan independent Practice

There cannot be two nominees to a FD. If you are mentioned as joint holder with your mother and father and the deposit is payable to anyone or survivor, You can request the Bank to pay the deposit on maturity to both you and your father.

There is no point in talking about your late mother's wish unless it has been duly expressed in a will executed by her duly attested by two witnesses. Otherwise, you cannot do anything on some thing told to you by your mother.

Don't grudge your brothers getting a share in the FD. After all money is not everything. In the interests of family amity you should not grudge your brothers getting a share out of your mother's FD.

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Answered on 6/04/13, 9:03 pm
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

the proceeds of FDs are to be divided equally among all the legal heirs viz. you, your siblings and your father.

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Answered on 6/05/13, 12:00 am
Fca Prashant Chavan Expert Edge LLP

06.06.2013

Dear Madam,

The proceeds of your mother's FD should be equally divided amongst all the brothers and sisters.

Regards,

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Answered on 6/06/13, 5:39 am


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