Legal Question in Banking Law in India
in case of joint account, if any dispute come between party, how to withdraw money?. In case of one party death, how money will be transfered to nominee?
Asked on 12/15/11, 4:48 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
You have to file a suit against the other party and impleading the Bank. In the case of death of one party, if the account is not either or survivor, the survivor can withdraw the amount, if it is a fixed deposit on maturity or if it is savings account, immediately. Only on the death of both parties of the joint account, the nominee can claim the balance in the account.
Answered on 12/19/11, 5:40 pm
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