Legal experts and social activists say that banks also have the responsibility to ensure that depositors add nominees or legal heirs while opening savings accounts and fixed deposits. They argue that bank officials should regularly advise customers to update nomination details so that families do not face complications after the death of the depositors.
According to experts, many account holders either fail to add nominees at the time of opening bank accounts or are not properly guided by the bank authorities about the importance of nominee. As a result, after a depositor’s death, banks often insist on lengthy legal formalities before releasing the amount to the heirs.
A prominent case drawing attention at present is that of late Baba Rudra Nand. Even one year after Baba’s demise, his legal heirs named in the registered will have allegedly not succeeded in getting the deposits transferred in their favour.
Sources say that all necessary documents, including the registered will, succession-related papers and other legal records, have already been submitted to the authorities concerned. However, the matter remains unresolved, leading to resentment among the beneficiaries and the followers of the late saint.
The State Bank of India has reportedly sought to deduct around 2 per cent from the deposits, which are said to run into lakhs of rupees. The proposed deduction has raised serious concern among the legal heirs, who believe such charges will substantially reduce the value of the estate meant for the beneficiaries. However, another bank, Punjab National Bank, has already transferred the deposits to the legal heirs. The issue has once again highlighted the urgent need for banking reforms and a transparent, time-bound mechanism to protect the interests of the depositors and their families.
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