My father died without executing will on 09/03/2016. he was having ppf account in sbi. there were two nominations. myself and my mother. my mother expired on 16/09/2015. now bank is not giving me deposit amount and ask for succession certificate from court because other nominee mother is dead. i have taken objection and asked amount for remaining nominee. what step should be taken?
WHAT LETTER SHOULD BE GIVEN TO BANK ?
Submit certificate of death of your father and mother along with the noc from other legal heirs if any that is your siblings brother sister there.
Bank will release the fund if bank further can just ask for indemnity bond.
Rbi has issues guidelines for making this procedure easy so furnish noc and death certificates for legal heris and claim the amount.
Refer the rbi notification https://m.rbi.org.in//scripts/NotificationUser.aspx?Id=2284&Mode=0
If the bank is not satisfied in that case the succession certificate from court has to be provided.
To obtain succession certificate, a petition to the District Judge within whose jurisdiction the deceased person ordinarily resided at the time of his or her death or, if at that time he or she had no fixed place of residence, the District Judge within whose jurisdiction any part of the property of the deceased may be found.
Petition for Certificate
A petition for succession certificate must contain the following particulars:
Time of death of the deceased;
Residence or details of properties of the deceased at the time of death within which Judge the jurisdiction falls under;
Details of family or other near relatives;
The rights of the petitioner;
Absence of any impediment to the grant of certificate;
Grant of Certificate
On making the petition, if the District Judge is satisfied as to the ground of making the petition, can grant an opportunity of hearing to persons who, in his/her opinion, should be heard. After hearing all parties, the Judge can decide the right of the petitioner to be granted the succession certificate. The Judge would then pass an order for grant of certificate specifying the debts and securities set forth in the application empowering the person to receive interest or dividend or to negotiate or transfer or do both.
Please note that being a nominee does not take away the right of other legal heirs. Nominee us a person appointed by a person and is authorized for representing other heirs and for carrying out all the legal formalities. As such NOC of the other legal heirs is required to settle the CPF account.
Dear Client,
Succession certificate is required when there`s no nominee, Issue legal notice to bank.
apply for and obtain succession certificate from district court as bank is refusing to release funds lying in father PPF account
bank would not disburse funds merely on letter
offer to execute indemnity bond to indemnify bank in case of any claims are made
1. You will first need to ask the bank the percentage allocations of the amount lying to the credit of PPF account in favour of each nominee
2. if the % allocation is 50% to each nominee, then bank should ideally release the 50% amount to you
3. for the balance 50%, you will need to obtain a succession certificate from court
4. if the bank refuses to your request then lodge a complaint on the RBI website
5. also issue a legal notice to the bank
1. Bank is right about asking for Succession Certificate /Probate. You may make a complaint to the Banking ombudsman, with your grievance. This can be sorted out.
2. HOWEVER, you may try to convince the Bank by giving Irrevocable Indemnity Bond, to the extent of the second's nominees ratio of amount. This should suffice their legal requirements.
Keep Smiling .... Hemant Agarwal
Hello sir, it is advisable to obtain a succession certificate from court...Without obtaining succession certificate bank will not release the amount as it is a due procedure which is followed by them
when two nominees are there, why survivor not getting the amount. Is there not any kanoon or circular or notification to be given to bank that after giving death certificate full amount should be given to only nominee. Many banks or post office releasing the same. Then why SBI is giving trouble.
Dear Sir,
First of all different bank have different policy on releasing the funds the bank make there policy under RBI guidelines.
Now the nominee is just the care taker of fund it has to be distributed in all legal heirs equally so according to the policy NOC from all legal heirs are required saying that they donot have any objection if the amount is disbursed on your name.
There must be substantial amount lying in PPF account hence SBI is insisting on succession certificate
Idiot bureaucrats, what can be expected from them.
Hello,
Obtain a succession certificate from the court and on the basis of the same only the ppf amount will be released in your favor.
Regards
On the basis of the letter the money will not be released in your favor
You will have to obtain the succession certificate.
get in touch with a local lawyer, who may file the same for you
1. You are trying to claim money of the Deceased (Mother) Nominee. The Bank is not blocking you share-ratio of the claim of the deceased-Father. You are the Nominee of the Father. You are not the Nominee of the Deceased-Mother. Understand this.
2. The Deceased Nominee (Mother) had never nominated you to receive her share. So the Bank is right in refusing you the deceased Nominee's share.
Keep Smiling .... Hemant Agarwal
That happens in the case of a joint Bank account with mode of operation as Either or Survivor not in the case of PPF nomination. Nomination does not give a absolute right on the account. Nominee is just a legal representative of the other legal heirs of the nominator.
The bank is right in demanding succession certificate of the deceased nominee since her successors are entitled to her shaer in that amount, you may aproach court for the same or produce a legal heirship certificate and obtain a NOC from the other legal heirs of your mother and an authorisation letter from them authorising you to collect the money on their behalf.
WHAT LETTER SHOULD BE GIVEN TO BANK ?
Have you filled up the claim form and given the details of the claim, did you get a reply in writing refusing to settle the amount with the reasons cited therein?
If not, insist the bank to give it in writing so that you can arrange for legal procedures accordingly to procure and comply the requirement to proceed in this matter.
when two nominees are there, why survivor not getting the amount. Is there not any kanoon or circular or notification to be given to bank that after giving death certificate full amount should be given to only nominee. Many banks or post office releasing the same. Then why SBI is giving trouble.
You cannot ask that why the rule or law is made which is against you for the present.
The law and rules are set of guidelines to ensure that the money is not landing into wrong hands or misused by abuse of law or loopholes of law.
you will have to check the % allocation for each nominee
if both the nominees are allocated 50% each, then the allocation of the deceased nominee cannot go to the surviving nominee.
check from the bank if there was any option of 'either or survivor' for the nominee too....if that was there in the nomination form, then on demise of one nominee, the full amount will go to the surviving nominee