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Author Topic: FD investment made in the name of minor  (Read 728 times)

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Offline sayp

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FD investment made in the name of minor
« on: July 14, 2015, 01:56:35 AM »
Some money was invested in FDs in my name by my father when i was a minor. I am 30 years old now and a couple of years back i had used the money invested in FDs to make part payments to purchase the house in my wife and my name.Now my father has asked for the money back as he says he had invested in the FD in my name so it belongs to him. I currently don't have the money to repay him. Can i be legally be made obligated to repaying him the sum?

Offline kphk

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Re: FD investment made in the name of minor
« Reply #1 on: July 14, 2015, 09:03:48 AM »
No you are not obligated to pay because it was in your name from the first instance. Your father has acted as a guardian and saved money for your benefit. It is your money so why use only a part? I suggest you withdraw the whole of it and secure it in some way. Your father will not have any grounds to file a suit for recovery of money. 

Offline advarjun

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Re: FD investment made in the name of minor
« Reply #2 on: July 14, 2015, 09:12:03 AM »
If you could withdraw the amount from bank without your dad's consent, then as par law the amount belongs to you.
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Offline sayp

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Re: FD investment made in the name of minor
« Reply #3 on: July 15, 2015, 12:23:42 PM »
Thank you I am relieved :)

 

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