Legal Question in Banking Law in India

My father was having 3 FDs in the same bank of Rs.10 lakh each.He passed away last year. FD is not having any nomination. what is the procedure to get the money in india though savings account have nominee...

Asked on 5/24/20, 9:40 pm

2 Answers from Attorneys

Vishwa Arya Arya & Co.

each bank has given discretionary power with a cap on the amount, so as to release the amount to legal heirs on their furnishing affidavit, indemnity bond and No objection in favour of the person to whom the money is proposed to be released. If manager does not have the power or the amount is beyond is his power, you have to apply for succession certificate to the court of district judge. One can do it himself without the need of a lawyer. But if you have no time, then engage the services of a lawyer. In case, the amount is to be released in favour of a woman, then such woman may get the free legal aid from the state legal service authority. for free legal aid, woman may contact the state legal services authority online or in person. it does not take more than an hour to get the legal aid lawyer.

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Answered on 5/24/20, 10:01 pm
Rajiv Chandhok Ph: +919810050896

File a petition before the district judge in whose jurisdiction, your father used to reside or passed away, applying for the succession certificate along annexing his will if any. This application has to be filed by all, who claim to be legal heirs of your father. In case all do not wish to apply or file, then the court would issue notice to the remaining and after acquiring an No Objection from them issue certificate in favour of the remaining ones.

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Answered on 5/24/20, 10:18 pm

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