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Distrubution of fixed deposits to all nomiees mentioned in the Will
24-Dec-2023 (In Wills / Trusts Law)
My father in law expired 3 months back and we all Indian Christians. He made a registered WILL in bangalore and the nominees of the WILL are mother in law and her 4 children. The WILL mentioned clearly that all the immovable/movable property ie fixed deposits or saving bank amount what ever is should be equally divided by 5 persons. Now the nominees names mentioned in WILL approached bank for claim/settlement, the bank manager asked for all original investment certificates and found that nominee is mentioned in saving bank account and but in all fixed deposits there is no nominee, the manager is telling that nominee mentioned in savings bank account he will transfer all the amount to the nominee and from nominee you distribute the amount. The manager is telling I am nowhere connected to WILL for the distribution of the amount it is between yourself. Question is that no value for the WILL or WILL will not supersedes the nonimee mentioned in the bank. Is there any way to distribute t
As per Indian succession act all the children of your father in law are the legal heirs,succeed to the immovable property or movables or fixed deposits
So apart from Indian succession act there is a will which clears all ambiguities in respect of pertaining to whom the fixed deposits as to be transferred ,
The bank had only option to direct you to obtain succession certificate from competent jurisdictional court until that it shall held up deposit amount
Even you can approach court for succession certificate on fixed deposits including bank as a party to the case and you can get stay from court against bank not to disburse fixed deposits till the disposal of case
The bank is at liberty to disburse fixed deposits based on Will itself without waiting for court order as said above.
If legal heirs are there the nominee doesn't have right to claim the deposits but he can act only as an agent to receive money from bank and to disburse to legal heirs.
If no legal heirs nominee had absolute right over deposits.
Regards from
Ravindra Advocate
So apart from Indian succession act there is a will which clears all ambiguities in respect of pertaining to whom the fixed deposits as to be transferred ,
The bank had only option to direct you to obtain succession certificate from competent jurisdictional court until that it shall held up deposit amount
Even you can approach court for succession certificate on fixed deposits including bank as a party to the case and you can get stay from court against bank not to disburse fixed deposits till the disposal of case
The bank is at liberty to disburse fixed deposits based on Will itself without waiting for court order as said above.
If legal heirs are there the nominee doesn't have right to claim the deposits but he can act only as an agent to receive money from bank and to disburse to legal heirs.
If no legal heirs nominee had absolute right over deposits.
Regards from
Ravindra Advocate
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Adv. Ravindra Prasad
Kolar | 100+ Answers
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