Legal Question in Banking Law in India

My parents have passed away and all their accounts were in a joint account with me. Does the account automatically belong to me.


Asked on 5/28/12, 8:22 pm

4 Answers from Attorneys
ranganathan raghavachari R.Ranganathan & Associates

Yes.

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Answered on 5/28/12, 8:38 pm
J. Radhakrishnan independent Practice

while you can operate the accounts, if the investments in the accounts have been made out of your parents' funds, mere operation of the account by you on their death, if the accounts are 'either or survivor', the other heirs of your parents, if there are any can make a claim against you. If there is no mandate of either or survivor in the accounts, you cannot even operate the accounts without the getting the other heirs of your parents included in the accounts. Mere inclusion of you in the joint account is not determinative of ownership of the funds.

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Answered on 5/28/12, 9:41 pm
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

you need to file a petition for succession. even the bank officials may guide you to the same.

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Answered on 5/28/12, 10:22 pm
Sanjay Kalra Sanjay Kalra & Associates

Yes as you dont have to file any case for this purpose as mentioned herein above.

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Answered on 5/29/12, 2:03 am


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