Legal Question in Real Estate Law in India
My deceased father made his sister the nominee of his savings bank account(his pension account). He also invested in Term/Fixed Deposits in his and his sister's name(joint FD). My mother applied for and received a Succession Certificate which she submitted to the bank to claim the amounts. The court has ordered the bank to pay the full amount in the savings account and half the amount of all the FDs. The bank says that according to banking regulations it will pay the amounts only to the nominee/joint holder in both cases. Who is correct in this regard?
1 Answer from Attorneys
Banking Regulations with regard to Nomination and Joint Accounts are only for convenience and can not supersede court orders.
Bank has to abide by and comply orders of court. If Bank fails to comply with court orders, concerned officers can be held in contempt of court as also liable for making good the losses suffered by your mother.
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