• Can I transfer money in-between deceased accounts?

Hi,

Post my mother's demise, we found that the very old demat account in icici doesn't have nomination. So I cannot close icici savings account without closing demat. So I transferred icici money from deceased account to sbi savings account and will be closing sbi savings account now.
Will sbi track that money is deposited post death in deceased account? Will it attract any penalty? 

Ps- I am the nominee in both icici and sbi account.
Asked 7 years ago in Criminal Law
Religion: Hindu

4 answers received in 2 hours.

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16 Answers

A bank freezes a deceased customer’s private accounts when notified of the death.

2) bank would require a copy of the death certificate before it can follow instructions.from someone who is authorised to act on behalf of the deceased’s estate.

3) if any transfers have been made by you from icici bank account to sbi account on demise of your mother it amounts to fraud

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

1) you should obtain succession certificate from Bombay high court in respect of funds lying in mother bank accounts with SBI / ICICI

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

1) inform SBI that you inadvertently transferred funds and were not aware that it is an offence to transfer funds from deceased bank account on her demise

2) even if other heirs dont complain it is a fraudulent transfer made by you

3) transfers already made are fraudulent and mere obtaining succession certificate would not absolve you

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

1) bank would not file any case against you if you offer to rectify the mistake made by you

2) re deposit the funds in the bank account from which transfer were made

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

fraud will committed when you were not authority to interfere in property of your father. that account was your father's property. according to section 2 & 50 of CPC you as a legal heir had right to interfere in your father's property therefore no offence of fraud has been committed. you have to prove that you are the legal heir and you did all acts in furtherance of the right given to his legal heir.

Shivendra Pratap Singh
Advocate, Lucknow
5127 Answers
78 Consultations

4.9 on 5.0

Avoid making such mistakes in future

Close deceased savings account with bank on basis of death certificate of your mother

Obtain succession certificate

We cannot say whether there would not be any scrutiny in future or not

Ajay Sethi
Advocate, Mumbai
95205 Answers
7607 Consultations

5.0 on 5.0

1. How did you transfer the money of your deceased mother from her account maintained at ICICI Bank? Were you the joint account holder of the said account?

2. SBI will not verify as to how the money has come to its account, but if any other legal heir of your mother lodges complaint against your said act, you shall be criminally booked with the charge of cheating, forgery, fraud etc.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

If SBI or ICICI Bank does not come to know about your said illegal act, the matter will be buried with the lapse of time.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

1. Do not mention about the ICICI account in your succession application. No body will verify your SBI account to know from where the said money has come.

2. Do not complicate the matter by canvassing about the wrong and illegal step you have already taken since the SBI Clerk has no power to pardon you.

3. It is a fraud committed by you and there vis no doubt about it but the said fraudulent act of yours will come to the limelight only if it is complained by the other legal heir being your father herein.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

1. Confession of having committed fraudulent act does not absolve the committer.

2. If there is no allegation, there will be no case stand against you.

3. Leave it as it is.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

.It has already been informed that if there is no complaint lodged against you, there will be no case to stand against you.

Krishna Kishore Ganguly
Advocate, Kolkata
27245 Answers
726 Consultations

5.0 on 5.0

So I transferred icici money from deceased account to sbi savings account and will be closing sbi savings account now.

Will sbi track that money is deposited post death in deceased account? Will it attract any penalty?

The closure of bank account would need the signature of the account holder. If the account holder is not living anymore then how will she sign after her death or why it cannot be considered as forgery and a fraudulent act, punishable under various provisions of criminal law.

If you were a nominee, you could have easily claimed the balance of money in her account on the basis of valid nomination on her account.

If the other bank is coming to know about your this act, it can lodge a complaint against you for this fraudulent act with the police.

Better do not make more mistakes, you can claim the balance of money in her account by tendering an application along with her death certificate to SBI and make a death claim to it so that it can be closed legally

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

If the transfer between deceased icici account to deceased sbi account is punishable, then how to deal with it?

Let there be a case filed by some authority on this, you can raise this query then because without knowing the possibilities of any such case, no proper advise can be rendered and any advise/suggestion made in this regard may be a misguidance.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

1) If I get succession certificate then the already done transfer of money won't be calculated as fraud?

Whatever acts that have been done in this regard to avail the money from the account of the deceased till now can be considered as a fraudulent act only.

2) should I be open with sbi clerk and inform him about the transfer done wrongly as I wasn't aware it will be counted as fraud?

This will create more problems, hence you may suppress the issue for the present and carry out this function legally so that even this do not come under the fraud net.

3) if the other heirs don't complain, still it will be a fraud?

It depends.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

What can be the solution to solve this matter? Will I get punished even after confession?

Confession cannot absolve you from the charges nor it will pardon you from the offences committed.

You may have to wait and watch the development

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

Can you please confirm that there won't be any future scrutiny in this regard?

It depends on any other development from any other quarter in this regard.

You may be vigilant about this in the near future.

T Kalaiselvan
Advocate, Vellore
85404 Answers
2236 Consultations

5.0 on 5.0

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