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Author Topic: AXIS BANK FORT MUMBAI NOT RELEASING FD FUNDS TO NOMINEE.  (Read 635 times)

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Offline Arunk

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AXIS BANK FORT MUMBAI NOT RELEASING FD FUNDS TO NOMINEE.
« on: March 10, 2017, 09:16:20 PM »
My mother died in July 2016 and she had FDs in her individual single name in Fort Mumbai Axis bank and made me registered nominee . 6  months I went to fort branch and met a manager, Irappa Sirsangi who verified my nomination in computer . He first opened a new account for me in 10 minutes and said the funds can be transferred. But, then he changed his mind and asked for original certificates (I has copies with Bank stamp and employee signatures)  Then, he said we have blocked your mother's customer I D  Since then he has changed his answers dozens of times. The question of a court order was raised which later on he said there is no court order stopping bank. I approached nodal office, Jinesh Shah .He replied saying we are working on this issue. Its has been 6 months with vague answers.  I sent my lawyer to Fort Mumbai who met one Kanekar of the bank  but they now said the funds can only be given to nominee after FDs mature. , I approached Principal nodal officer. He did not respond to e mail. I narrated RBI rules section 45 ZA, 45 ZB  which say nominee of deceased accountholder should be released funds within 15 days. The Axis bank guys still did not answer clearly and keep saying that they are working on it.
 Finally, I wrote a formal complaint to RBI ombudsman. I am waiting for reply. I sent e mails about this problem to Ms Shikha Sharma CEO, and 4 directors
of Axis bank but no response. May be some officials are still in jail for fraud charges during demonetization . I wrote my problem to seek advice on Consumer forum and got some suggestions such as filing a lawsuit against Axis Bank as it is absolutely poor customer service and is against RBI rules about deceased persons nominee. Some people suggested I should pay bribes to Bank employees otherwise they will keep on delaying and not release your funds. I don't believe in giving bribes and never give them a single penny.
 Please tell me what I can do to get my late mother's FD funds released to me as I am the registered nominee of these FD account ? Its so frustrating ..they have already wasted 6 months of my time and still have not told me why they are not releasing funds to the nominee ? What may be the reason ? I am waiting for RBI Ombudsman reply.
« Last Edit: March 10, 2017, 09:21:51 PM by Arunk »

Offline riteshmaity

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Re: AXIS BANK FORT MUMBAI NOT RELEASING FD FUNDS TO NOMINEE.
« Reply #1 on: March 11, 2017, 03:31:02 AM »
Sending your lawyer physically to the bank has been of no use it seems. A lawyer does not require to go physically and negotiate. A legal notice should have been sufficient.

Since you have already approached the ombudsman wait for few days for any positive result.

Otherwise, you can issue a legal notice (if you haven't) and then approach the consumer forum.
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Offline advjaya

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Re: AXIS BANK FORT MUMBAI NOT RELEASING FD FUNDS TO NOMINEE.
« Reply #2 on: March 11, 2017, 07:30:49 AM »
Go to Court file for succession certificate, that's all you need to do.

Do things as par law
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Offline adv.amarnath

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Re: AXIS BANK FORT MUMBAI NOT RELEASING FD FUNDS TO NOMINEE.
« Reply #3 on: March 12, 2017, 01:37:09 AM »
It is better to go to consumer forum and bank is deficient in service. Only Heirs of deceased file Succession Certificate case not as a status of nominee. Further if heir and nominee is a same person then also I will suggest to go for Consumer case as it will give compensation, litigation cost as well as further interest but in case of succession, you have to pay lump sum court fees.
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