Bank Products

POSTED BY VK Dalal ON December 14, 2011 4:20 pm COMMENTS (3)

My father had undergone cardiac by-pass surgery in 1993, he expired six years back. Presently my mother is 76 years old and is suffering from many ailments. We are four brothers and a eldest sister. Its unfortunate that, two of the siblings joined hand and misappropriated with the property of our parents under great influence and tutoring. After fathers death, siblings who conspired since long, influenced the mother and got their names incorporated in all the bank accounts, Locker, Bank Deposits and Post Office investments in the form of second holder or as a nominee. Fathers name was deleted by producing his death certificate. Now remaining siblings foresee themselves in a real injustice, and I am the worst sufferer as I was away from my native for my engineering the job.
What Banking and Post Office regulations can render proper justice to the other siblings?

3 replies on this article “Bank Products”

  1. VK Dalal says:

    Dear justgrowmymoney
    Thanks for your reply.
    1) I have already talked and written to all the banks with a copy of RTI application and CIC verdict. Main Bank Branch with most investment has understood the matter and might support me as well.
    2) In case of Post Office Deposits, one sibling has become nominee in my mothers investment, the Post Master has told me that, as per their rules, only nominee owns the deposit after my mother.
    3) To escape liquidation while in his business, my father sold the ancestor property and constructed new property in my mothers name. My Mother never worked or earned even a penny, she was only a house wife.
    4) My father did wright a WILL, but it has not been known to the loosing siblings, it is non-existing for all practical purpose. Perhaps, my mother has written a will under the influence and tutoring of the two siblings, who were having age old melafide conspiracy to walk away with all the parental assets.
    5) I can foresee the marathon, legal assistance is commercialized in its profession. I wonder, if there could be some departmental or administrative regulations which could be used more effectively e.g. ITax, IT Vigilance, RTI, CIC, RBI/IBS etc.

  2. Dear VKDalal, Please file a civil suit immediately on behalf of you & your remaining 2 siblings. Please ask the court to freeze all the investments, bank accounts till the matter is not resolved. On your part, you may also intimate the banks where these joint accounts are under operation to freeze the same. To avoid any dispute, banks ‘ll also try to help you. But among all these things make sure, you have the guts to bring your own siblings to court & to fight a long legal battle.



  3. Dalal – An appropriate lawyer should help you with push this forward. Dont construe the following as legal help but here is a brief overview of your rights:

    1) If a bulk of the wealth is being passed generation after generation you automatically have claim on the wealth
    2) If all the money is earned by your Father himself and assuming he has not left a will (which is what I presume has happened) then your mother and all 5 siblings automatically become legal heirs of ALL OF HIS property. A Legal Heir certificate is usually issued along with a death certificate and all your 6 names MUST be in it. If not, get one/correct it.
    3) Nominee is just a person who is authorized to distribute the asset (NOT ENJOY THE ASSET) if the account holder is dead. After your Mother, again all 5 siblings will be her legal heirs and assuming there is no will, all of you have eual claim on the property where there are no surviving joint holders.
    4) If you mother was a joint holder with your father and your father’s name is now removed (with DeathCert) and some of your siblings are now made joint holders, unfortunately, there is not much you can do now, practically speaking, because the moment the litigation starts they may withdraw all the money, being joint holders [though you have your rights]

    The best way out is to gather as a family and confront the siblings on what has happened thus far. The sheer fear of litigation will put a lot of people away and comply.

    Otherwise you have to speak to a civil lawyer on this.

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