What to do if my brother is not signing for a joint account
11-Jul-2023 (In Banking / Finance Law)
I am from BURDWAN, West Bengal. We are two brothers. In 2015 we keep a fixed deposit of rs 50000 in Sbi bank in ALL ACCOUNT HOLDER OR SURVIVOR MODE. Now on 8th July 2018 it was matured. Mature value= 63000. But my brother is denying to signature. I know that if one of us want to withdrawal all money, it is not possible. But I want 50% of money, mean to say my portion. But he doesn't want.
As per the guidelines of the RBI, following conditions are strictly to be adhered w/r to withdrawal of deposit:
(i) If the FD is "Either or Survivor" option - then deposit becomes payable to either or surviving depositor. Maturity consent of both the account holders is not mandatory. This is the best way to deposit.
(ii) If the FD is Joint Holding option- the hold will be joint, both joint holder's signature on FDR as discharge of the same is a must to claim the deposit at maturity.
For more information get in touch with your bank officials
(i) If the FD is "Either or Survivor" option - then deposit becomes payable to either or surviving depositor. Maturity consent of both the account holders is not mandatory. This is the best way to deposit.
(ii) If the FD is Joint Holding option- the hold will be joint, both joint holder's signature on FDR as discharge of the same is a must to claim the deposit at maturity.
For more information get in touch with your bank officials
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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