Bank FD maturity help

gaurang08

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Dec 17, 2009
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This question may sound dumb but I really wish someone helps me .. The thing is that my dad had opened a FD which matured 2 days back .. The FD was opened by 3 people ie me my mom and my dad .. my dad passed away last year .. Now when I went to redeem the FD they said they need a death certificate of my dad ( which is fine ) and they said since I dont have a savings account with them then they will make a DD payable in mine and my moms name ..Now, if they do this then how can I deposit this DD in my savings account with another bank ?? I mean since it will have both our names ( me and my moms ) so will I beable to deposit the DD in my savings account or hers ??
 

Toocool

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i think you may ask the dd issuing bank also, they will give you proper information.on the other hand you can open a new joint name account for this ,if everything else fails, wont take long opening a new account
 

rajadeep

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Nov 9, 2007
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1st of all very srry to hear about ur dad...2ndly I would like to know which stupid bank is this... I think it is in the rules somewhere that u cant hold an FD in a bank without have a savings account in it... I mean say ur dad had not passed away which acct would the FD have been deposited in after maturity... Something is very fishy here unless u are actually the nominee which I think would have explain u not having an acct in that bank... Anyway I think there are a few ways you might be able to do this... Just ask the bank to issue a chk of the matured amt in ur name & make an affidavit that states that ur mom gives the bank authorization to give the chk in ur name... Another option is just have them deposit the money in the original acct & then have the acct closed citing the death of ur dad... They will issue u a check in the nominee or joint holders name... Also do talk to the manager of the bank... Managers can be very helpful at times like these if u explain the whole situation to them... Also if u are gonna just make another FD with this money u could just ask them to make a new FD in ur name or ur mom's name... The employees might be a bit more helpful if they are gonna get future business from u... Anyway do get back to us as to how things work out for u...This is one of the reasons I feel a bank I have personal relations with is always better than a bank which will give me x number of features but will repeatedly shove the rule book in my face if a tricky situation like this shows up...
 


gaurang08

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Actually the thing is that there is no nominee , the fd was opened by all 3 of us , it shows my dads name , then my moms and then mine in the joint depositors column .. My dad had a savings bank account here which I had to shut since he had expired and he was the sole person in that savings account .. my point is that they said they will issue a DD in both our names ie me and my mom .. so it will be something like payable to " Gaurang & Moms name " , I want this DD to be payable just in my name or my moms name since it will make it easier to deposit this dd in the bank where we hold our savings account .. we dont have a joint account ( me and my mom ie ) .. so if they make this dd payable in both our names then will we need a joint ac or can either of us deposit in our savings ac ??
 

agantuk

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on the other hand you can open a new joint name account for this ,if everything else fails, wont take long opening a new account

This is the right way to go about it.

Open a Joint Savings account in SBI - they are all zero balance accounts now - and then deposit the draft / cheque in that account. It takes about 3 days to open an account and hopefully within a week you would have got your money. Don't waste your time trying to argue with the issuing bank.
 

gaurang08

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oh ... so the issuing bank wont issue the dd just in my moms name or my name ???
 


agantuk

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From what I know, that is not done, considering there is no nominee. The issuing bank is acting per law in my opinion (I am not 100% sure, but I remember reading something like this some time back). This is because, in the absence of a nominee, they have to issue it to the other holders of the FD. In case there were no other holders, the amount would have gone to the legal heir. In this case since you and your mom are holders of the same account, the money is being issued in your names. That looks clean to me.You can either open a new savings account, or since you already have one, add your mom as a joint holder in the account. Just clarify from the issuing bank what the name will be written as (your name first or your mom's), and confirm with your savings account bank if they have any objection with the order of names in a joint account. If not, just go ahead and deposit it in your savings account.
 

gaurang08

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Guys an update the banks are really silly, I called someone in the bank and spoke to her and explained my situation and she said no issues we will issue a DD in only my moms name and they did .. lol .. the bank employees themselves dont know whats right and whats wrong .. 1st i was told dd will be issued in both names ie me and my moms but eventually they issued dd just in my moms name .. so problem solved .. thanks for the inputs guys !! :)
 
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