Legal Question in Banking Law in India
is there any mistake in transferring the proceeds of a deceased holder's fixed deposit amount to his Savings Bank account instead of nominee account
Asked on 5/09/15, 11:24 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
10.05.2015
Dear Sir / Madam,
If the deceased has Willed that the nominee is legally entitled to his / her Fixed Deposit (FD) proceeds, it would be wrong to transfer the proceeds of the deceased fixed deposit receipt to the deceased's Savings A/c. If the deceased has passed away intestate (without leaving behind a Will) then the proceeds of the Fixed Deposit will be transferred to the deceased's Savings A/c.
Regards,
Answered on 5/10/15, 4:09 am
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