Hi, My mother has opened a term deposit account and nominated me. The account was opened in 2018-19. My mother expired in 11th month 2021. When I claim the transfer of FD account to me, the bank said that no nominee has been nominated for the account and so asked me to fill legal heir certiicates , obtain signatures and NOC from stake holders which is a cumbersome process . The term deposit matures on 18th of this month 2022.
Can bank refuse to accept the application itself. If they give in the refusal in writing, then i could go for other alternatives.
Would it not the responsibility of the bank to obtain the nominee details. Now it seems that there are two options , appointing nominee or does not nominate in the newer forms of FD, and nobody gives the second option, as everybody would like to nominate some as death is sure to occur and men is mortal/
what are the other alternatives available. I wrote to the bank on grievance redressal portal, which evinced no response so far.
As I am having account with the said bank and also a FD accouunt for a lakh, could not bank accept my signature on a indemnity bond? The FD amount is 30000 Rs.
I saw RBI circulars, in way back 2005 to not insist on succession certificates if the amount is within the minimum threshold money and could give to nominee on indemnity.
I do not know the present position on this .
CAclubindia
