117. Withdraw money form

Bank after account holders

demise

Question: Dear Mr Chand, My mother was a retired school teacher, and her pension was made available through a State Bank of India account. Upon her death my father was beneficiary, as her nominee. However he neglected to nominate anyone as a nominee, and since his death (intestate) I have been unable to retrieve the funds in that SBI account. I am a POI and each return trip to India I have been given the run around. Do letters to top managers elicit a response? Could you please advise what options are available to me. Regards, NS Answer: In the absence of a proper named nominee, Banks usually will not release the account proceeds without insisting upon a Succession Certificate, Letter of Administration or Court Order. No bank official will take responsibility for releasing funds as problems can arise sometimes even amongst other members of the family over disputes on the sharing of funds etc. Your options, I believe are limited to getting a succession certificate and/or speaking to a lawyer.

How to Get a Succession Certificate

in India

Perhaps the right way to go about this would be by consulting a lawyer. Here is a brief explanation of what is involved in getting a succession certificate. 1. Application is made in the court where the property is situated. 2. Your application should list the names of ALL the heirs. Usually, notices have to be sent to those who may have an interest in this and sometimes even a newspaper notice is required. 3. There is a time period given (say two months approximately) for any objections to be filled. You may also have to provide no objection certificate from other family members if they exist. 4. Once the court feels that everything is in order and there are no disputes, the court may pass an order for the issuance of succession certificate