Legal Question in Banking Law in Pakistan
Banks in Pakistan blocks share of minors in a deceased's bank account (having total deposit less than Rs.100,000/-)and didn't pay it to widow / mother of deceased's children even though State Bank of Pakistan allows release of funds to legal heirs of deceased against production of Bond of Indemnity.
Is widow being natural guardian of deceased's children can not obtain share of minor legal heirs if deposit in deceased account is less than Rs.100,000/- as she has to meet schooling, food, clothing expenses of children?
1 Answer from Attorneys
I don't know about the new State Bank Rules but whenever a person dies his/her legal heirs have to go for succession certificate as well as legal heir certificate for inheriting movable and immovable properties of the deceased. Once succession certificate is there, the banks release the payments as per islamic law of inheritance.. For more do consult me at [email protected]
Regards,
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