tag:blogger.com,1999:blog-31922975.post8752646545758159856..comments2023-10-26T12:59:48.087+05:30Comments on Simplifying Money Matters: Nomination and weird rulesUnknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-31922975.post-4619299932843288832011-02-20T19:08:05.814+05:302011-02-20T19:08:05.814+05:30Hi Anonymous,
RBI does not mandate banks any spec...Hi Anonymous,<br /><br />RBI does not mandate banks any specific rules regarding verifying the nominee upon death of depositor. But banks will need a proof that who-ever mentioned in the FD is indeed you. Please contact your local lawyer & the bank to check if any affidavit can be made to indicate that the name mentioned in FD is you. If that is not possible, then succession certificate is the only way.<br /><br />But note that being a nominee only entitles you to get the 3L money. you can not use it entirely since you still need to distribute this 3L to legal heirs as per the will made by your grandma or if no will present then as per Succession Act.<br /> <br />BTW check out my post on succession certificate http://greenbuck.blogspot.com/2011/02/succession-certificatewhat-and-how.htmlKhttps://www.blogger.com/profile/04259567451848722795noreply@blogger.comtag:blogger.com,1999:blog-31922975.post-75424660566183710302011-02-19T11:29:00.349+05:302011-02-19T11:29:00.349+05:30My deceased grandma (my maternal grandfather's...My deceased grandma (my maternal grandfather's sister) who did not have husband or any descendent of her had nominated me for her FD (Rs. 3 L) in a bank. but she had mentioned my name as she used to call me and not my official name (as it is in my school certificates or my voter id). the bank asks for succession certificate. is it necessary or is there any other way to claim the money? please advice.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-31922975.post-65784400191759239862011-02-05T14:03:43.706+05:302011-02-05T14:03:43.706+05:30Thank you anonymous for visiting my blog. Yes what...Thank you anonymous for visiting my blog. Yes what you mention is correct but getting a succession certificate is in itself a complicated process. The balance amount will be disbursed to the legal heirs on providing the succession certificate. I will update the blog post to avoid confusion.Khttps://www.blogger.com/profile/04259567451848722795noreply@blogger.comtag:blogger.com,1999:blog-31922975.post-33788386426229086752011-02-05T06:55:11.577+05:302011-02-05T06:55:11.577+05:30I think that the interpretation is wrong for PPF. ...I think that the interpretation is wrong for PPF. What happens if the balance is more than 1 lakh, would the legal heirs get only 1 lakh? What happens to the balance amount?<br /><br />IN my humble opinion, the legal heirs wiil get the balance amount only on getting a succession certificate, which takes quite an amount to get. The limit of Rs 1 Lakh is an interim payment.<br /><br />In no case, the govt can forefeit the amount. And ofcousre, to avoid all these complications, one should always nominate.Anonymousnoreply@blogger.com