Legal Question in Banking Law in India
How to settle the proceeds of Fixed Deposit amount of a deceased person after maturity when nomination is made by the deceased . Since the Fixed Deposit is not a Negotiable instrument can it be given ( proceeds of FD) through pay order directly in favour of the nominees name . Whether the proceeds can be credited to SB account of the deceased and entire amount including the balance of SB account to be settled to nominee.
1 Answer from Attorneys
11.05.2015
Dear Sir / Madam,
If there are other legal heirs of the deceased, the Bank may insist on the nominee furnishing an Indemnity Bond for the proceeds to be transferred to the nominee. If the same person is the nominee to the Savings Bank A/c of the deceased, the proceeds of the FD are transferred to the Savings Bank A/c of the deceased and thereafter the balance lying in the Savings Bank A/c of the deceased is transferred to the nominee by way of a banker's cheque in the name of the nominee.
Regards,
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