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Bank not allowing deposit unless all legal heirs sign documents
19-Feb-2023 (In Documentation Law)
Mr X and his wife Mrs Y have a term deposit in joint name ( E or S ) with a nationalised bank. They have 3 children who all are also married. Mr X expired. Mrs Y wants to claim and break the term deposit .Bank is not allowing breaking the term deposit unless all legal heirs sign necessary documents. i.e. Even though she is the only surviving joint holder and natural first heir bank is asking for all legal heirs to sign papers . What is the legal position on this ? Is bank correct in disallowing ?
Nationalised banks have rules that are in essence provided for through the government. The bank may therefore require all the surviving legal heirs to sign off on the term deposit. However, if you can obtain a letters of administration or a succession certificate from the court, then the bank may not require the other heirs to sign off. Whether such heirs are entitled to a share in the term deposit would depend on your personal law, i.e. your religion. Feel free to get in touch with the LawRato team at 9599-000-555 for further assistance.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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