Redeem Fixed Deposit incase of Death of father

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This discussion addresses how to redeem a fixed deposit made by a deceased father, where the son was a joint account holder. The advice provided is to submit the death certificate to the bank and initiate a transfer of ownership in favour of the nominee, who is the mother. This process should enable the redemption of the FD and transfer of funds.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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24 June 2024 Dear Sir,

My father made an FD from his Current A/c in which I was the joint holder in the account. But after his demise I am not able to redeem that FD in my account since the financial rights to redeem the FD lies with my father's account.

My query is can I redeem the FD from his account now and take FD amount in his bank account and transfer it to my mother's bank account since she is made the nominee for that FD.

Please help me to resolve this query.

Regards,
Divyesh Jain

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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24 June 2024 Submit death certificate to bank, and apply for transfer of the shares of his ownership in favor of nominee (i.e your mother). The linked account will automatically get changed.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 August 2024 Good Luck.

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