• NRI account transferring account to the nominee

My brother in law had an account with SBI,under NRO with the Pune Main Branch
He is a PIO with a US passport.
He had nominated his wife as a nominee with the account in the bank
He passed away recently at NY and the wife wants to transfer the account to her name
What is the procedure.
Can she complete the formalities sitting at NY or will she have to go to Pune to complete the formalities
Asked 8 months ago in Property Law
Religion: Hindu

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13 Answers

The amount due/payable to non-resident nominee from the account of a deceased account holder, shall be credited to NRO account of the nominee with an authorised dealer/authorised bank in India.

2) she should approach SBI Pune main branch in this regard 

 

Ajay Sethi
Advocate, Mumbai
84068 Answers
5480 Consultations

5.0 on 5.0

Well the bank account with SBI is a torture in itself. You will be asked to come to branch and complete the formalities. Only bank will tell the procedure. They may ask you to take succession or probate as applicable and then you will be able to claim money. 

Gopender
Advocate, New Delhi
384 Answers

4.9 on 5.0

So far as no legal heir takes any objections she can as nominee withdraw the deposit from overseas SBI branch in ny.

Ravi Shinde
Advocate, Hyderabad
1441 Answers
16 Consultations

5.0 on 5.0

Approach Pune branch 

 

send email to them or call them personally 

Ajay Sethi
Advocate, Mumbai
84068 Answers
5480 Consultations

5.0 on 5.0

What the sbi doing is clear deficiency of service. Bank can verify everything from their Indian counterpart. The account is NRO bank cannot force wife as nominee to travel to India. They are just passing the buck to Pune. Issue a appropriate notice by lawyer to both. Ny branch is amenable to new Consumer Protection Act, 2019. Offer them option of Special Power of Attorney to her blood relative in pune. SPA attested by Indian consulate. Otherwise if you are prepared file a complaint in Consumer Forum pune through SPA that much you can certainly do.   

that includes me. 

Ravi Shinde
Advocate, Hyderabad
1441 Answers
16 Consultations

5.0 on 5.0

you rated my reply the lowest but you will find out that it was correct. 

Gopender
Advocate, New Delhi
384 Answers

4.9 on 5.0

She first have to intimate the bank about the death of the account holder in writing enclosing the death certificate of the account holder and make a mention that she is the nominee to the deceased account holder hence the amount remaining in his account may be transferred to her account if held in the same bank or any other bank in India.

The bank authorities may ask to her to comply with the requirement by furnishing the details in the claim form (format may be available with the bank), which she can duly comply  and get the money transferred. 

T Kalaiselvan
Advocate, Vellore
74174 Answers
1203 Consultations

5.0 on 5.0

New York bank has no power to instruct the bank at Pune to settle the amount to the nominee upon the death of the account holder.

However, as per RBI instructions, Banks are advised to settle the claims in respect of deceased depositors and release payments to survivor(s) / nominee(s) within a period not exceeding 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claim(s), to the bank's satisfaction. 

The benefit of nomination is that in the event of death of an account or locker holder, the bank can release the money in the account or contents of the locker to the appointed nominee and won't insist on other documents like succession certificate or a legal heir document.

 

T Kalaiselvan
Advocate, Vellore
74174 Answers
1203 Consultations

5.0 on 5.0

Nominee can apply to o branch office manager along with list of legal heirs name for the transfer of the amount.

Ganesh Kadam
Advocate, Pune
12193 Answers
151 Consultations

4.9 on 5.0

Dear sir/ma'am,

The amount will be transferred to the nominee within 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claim(s), to the bank's satisfaction. 

Also, The benefit of nomination is that in the event of the death of an account or locker holder, the bank can release the money in the account or contents of the locker to the appointed nominee and won't insist on other documents like succession certificate or a legal heir document.

Anik Miu
Advocate, Bangalore
2499 Answers
26 Consultations

4.9 on 5.0

1. Since his wife is nominee the bank is obligated to release the money in her favourt after which she can invest the money anywhere she wants.

2. To lay the claim she can give POA in favour of her relatives in India. 

Devajyoti Barman
Advocate, Kolkata
22515 Answers
363 Consultations

5.0 on 5.0

- Since, he has nominated his wife as a nominee in the said account , then she can claim the fund of the account legally. 

- She should submit death certificate dully attested by the consulate of India based in US , with an application for transferring the amount in her account . 

- Further , for the said procedure , the bank may required her presence physically. 

Mohammed Shahzad
Advocate, Delhi
7982 Answers
85 Consultations

5.0 on 5.0

as per recent judgement, nominee is entitled for the transfer of the property in his her name without any other formality. contact the bank for doing it.

Gopender
Advocate, New Delhi
384 Answers

4.9 on 5.0

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