Need Expert Advice?Our Gurus Can Help

Nominated for Fixed Deposit in Deceased Grandma's Account: Can I Avoid Traveling to India?

Ramalingam Kalirajan |10881 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Nov 18, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Nov 17, 2024Hindi

I am in Australia,I am a nominee for a Fixed deposit in state bank of India branch in Chennai. In my deceased grandmother account. The state bank authorities want me to come personally to claim the amount. are there any alternative

Ans: Claiming a fixed deposit as a nominee without visiting India is possible, but it requires specific documentation and procedures. Below are some alternatives you can consider to avoid traveling to Chennai:

1. Approach the Indian Consulate in Australia
Visit the nearest Indian consulate or embassy in Australia.
They can assist with notarizing the required documents, including your identity and nomination proof.
Some consulates offer services like affidavit attestation, which is often required by Indian banks.
2. Authorise a Representative in India
Execute a Power of Attorney (POA) in favour of a trusted person in India.
The POA should be notarized by the Indian consulate in Australia and sent to India.
Your representative can then handle the claim process with the bank on your behalf.
Ensure the POA explicitly states the authority to claim the fixed deposit.
3. Submit Documents by Post or Courier
Confirm with the bank if they allow document submission by post.

Required documents may include:

Claim application form provided by the bank.
Your identity proof (passport and visa copy).
Proof of nomination (usually the fixed deposit receipt mentioning your name as the nominee).
Death certificate of your grandmother (original or attested copy).
Address proof in Australia.
Documents must be notarized by the Indian consulate or an equivalent authority.

4. Online Request or Email Communication
Contact the SBI branch via email or phone to check if they can initiate an online claim process.
Some branches might permit submission of scanned documents initially, followed by couriering notarized copies.
5. Legal Heir Certificate or Succession Certificate (if required)
Although you are a nominee, some banks may require additional documentation, such as a legal heir certificate or succession certificate, especially for large amounts.
If needed, engage a lawyer in India to assist with obtaining these documents and submitting them to the bank.
6. Reach Out to SBI’s NRI Services
SBI offers NRI-specific services. Contact their NRI helpline or NRI customer service team to escalate your request.
Email: contactcentre at sbi.co.in
Toll-Free Numbers (NRI): Available on the SBI website (https://sbi.co.in).
Key Points to Note
Ensure all documents are attested by authorized entities like the Indian consulate.
Keep scanned copies of all communications and receipts for your records.
Stay in contact with the bank manager for regular updates and ensure compliance with their procedures.
If none of these alternatives work, you may need to visit India personally to complete the process.

Best Regards,
K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.