Can nominee withdraw money from tax saving fixed deposit before maturity after death of account holder ?

POSTED BY Sunil Pai ON December 10, 2013 5:49 am COMMENTS (4)

My Father had a Taxing saving Fixed Deposit purchased from canara bank a one and half year back,He expired a month back.Now can the nominee claim the amount or we need to wait till the maturity period ?

 

4 replies on this article “Can nominee withdraw money from tax saving fixed deposit before maturity after death of account holder ?”

  1. Jagdish Tripathi says:
    April 7, 2017 at 8:51 am

    Amount can be taken out immidiately after death of holder or after the maturity of fixed dposit ? If after the maturity , where the tax deducted at source by the bank will be credited ?

    Reply
    1. Manish Chauhan says:
      April 10, 2017 at 3:17 pm

      You can ask for it the moment the account holder dies.

      Reply
  2. ashalanshu says:
    December 10, 2013 at 10:23 pm

    Dear Sunil, yes in case of the death of the original depositor, the money from Tax saving FDs can be taken out by the nominee or legal heirs.

    Thanks

    Ashal

    Reply
    1. Bimal says:
      August 21, 2017 at 6:16 pm

      what is the tax impact as the deceased has claimed deduction u/s 80C for an 5 year investment and now this is liquidated before 5 years.

      Reply

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