Bank account holder passes away without any nomination

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Ankit Gupta (Querist)
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12 May 2019 Hi sir,

Kindly bear with me as this is going to be a long post. I have tried to explain my problem thoroughly.
My father passed away in August 2018. He was a central government retired pensioner. For receiving the pension, he had very old savings account in SBI, let's name this branch 'A'. Unfortunately, nomination details were not updated in the account, and only after he passed away we found out about this blunder. The approximate balance is around INR 24 Lacs.
Also, in another SBI branch, let's name this branch 'B', near his office, he booked a Fixed Deposit on the day of his retirement back in July 2008. The current approximate value of FD is around INR 33 Lacs. Till date, the FD lies in branch 'B' and savings account in branch 'A'. Both of these are in different states, around 400 km away from each other. The total amount is around INR 57 Lacs.

Now, I met the branch manager or 'A', where I have savings account. He told me since my father passed away, it won't be possible to transfer the FD from branch 'B' to branch 'A' or even liquidate it. And the amount in the savings account is much higher than the amount of sum, the branch manager can disburse, based on his powers.
He proposed me to get succession certificate, where I and my sisters will disclaim the amount so that it can be transferred in my mother's name. However, he warned me getting succession certificate from a court is a very tedious, time consuming and expensive process. It can take up to 1 year and would cost me around 7% of the amount claimed because that would be the court fees, and lawyer fee would be additional.

I need genuine advice if there could be an easier way out, as I am in urgent need of those funds, Also, SBI staff is least supportive.
Thanks in advance.

-Ankit Gupta

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 May 2019 No way you need to obtain succession certificate.

Succession certificate: Firstly, a newspaper notice for a span of 45 days is issued by the court. If any individuals have any kind of objections towards the particular advertisement then they have a chance to file an opposition in the court. When the objections are received by the court it might take time for the issuance of the succession certificate till all of them are cleared.
If the court doesn’t receive any kind of objections from anyone ten the succession certificate is issued immediately.

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