My father renewed his fixed deposit with a cooperative bank last year in which I was the nominee. Now, with my father’s demise, the bank is asking us to wait for the FD tenure to get over before the money can be paid. Is this correct?
Ramesh Kumar, Bhopal
If the bank is not taking steps to settle the account even after you have completed all the formalities as required by it, you can send your complaint to the customer service department of the Reserve Bank of India. However, you should reason with the bank about the account holder being no more, which means the account needs to be closed and so does the FD. They may charge you an exit penalty or pay you a lower interest on the deposit, but they cannot deny you the money from the deposit for which you are the nominee.
