sir, we are four brothers and my father kept FD in SBI & he put one of my brother is nominee now my father died last month and my brother denies to distribute the FD amount to other three brothers and tells that father kept FD for himself only not others. pls. advice what is the legal implication of the FD amount..

Ans: Regarding your inquiry about closing the Fixed Deposit (FD) in your minor daughter's name, you will need to visit the concerned branch. On 15 February 2017, the Union Cabinet approved a proposal to merge SBT and four other associate banks with State Bank of India. Please ensure you take the following documents with you:-

1. The FD receipt or passbook.
2. A copy of your daughter's birth certificate.
3. A copy of your wife's identity proof (as her guardian).

You'll also need to complete an FD closure form available at the branch. The bank's staff will assist you with this process.

Once the form is filled out, and all necessary documents are submitted, the bank will initiate the FD closure request. The funds from the FD will be transferred to your daughter's savings account, assuming she has one. If not, you'll need to open a savings account on her behalf.

Here are some additional tips for closing the FD:
1. If you're unsure which SBI branch the FD was opened at, you can contact the bank's customer care department for guidance.
2. If you do not have the FD receipt or passbook, you can still close the FD by providing the FD number and other relevant details to the bank staff.

Ans: I can offer some general guidance that may be helpful. This involves lot of legalities and so it's important to consult a legal professional to get advice tailored to your specific situation.

In death cases, is deduction applicable during premature closure of FD?

The treatment of premature closure of fixed deposits in the event of the account holder's death can vary based on the terms and conditions set by the bank and applicable laws. In some cases, there might be no penalty for premature closure in the event of the account holder's death.

Where to file a complaint:

If you believe that the deduction is unjustified, you can take the following steps:

a. Contact the Bank:

- Reach out to the bank's customer service or visit the branch where the FD was held. Explain the situation and inquire about the deduction. Ask for clarification on the specific terms and conditions related to premature closure in the event of the account holder's death.

b. Banking Ombudsman:

- If your concerns are not addressed by the bank, you can escalate the matter to the Banking Ombudsman. The Banking Ombudsman is an official appointed by the Reserve Bank of India to redress customer complaints against deficiencies in banking services.

c. Consumer Court:

- If all else fails, you may consider filing a complaint with the consumer court. Make sure you have all relevant documents and evidence to support your case.

It's crucial to thoroughly review the terms and conditions of the fixed deposit agreement and any applicable laws related to premature closure due to the account holder's death. If you're unsure about the legal aspects, consulting with a legal professional could provide you with specific guidance on how to proceed and protect your rights.