Sir,
The issue is payment of E or S Fixed deposits, premature, when one of them
becomes the late. On producing death certificate FD has to be released. Asking
the survivor to wait for maturity is foolishness.
Asking about his will, consent from wards etc in a pathetic situation is bad.
Some times the wards may be away and not come for funeral of the deceased.
Just think before become the late, for him a lot of expenditure is incurred
exhausting SB Balance
Gopalakrishnan
On Thursday, 28 September, 2023 at 10:17:45 pm IST, 'venkat giri' via
KeralaIyers <[email protected]> wrote:
Small finace Banks ( approved by RBI) offer higher Savings A/c rates as well
as Fixed deposits.Many of the nationlised banks offer only 2.7 to 3% on
savings A/c and max. 7.5% on FDs
On Thursday, 28 September, 2023 at 06:04:32 pm IST, 'gopala krishnan' via
iyer123 <[email protected]> wrote:
Dear Mr Sekar,
I made the response based on the experience of SriRamajayam with Bank of India,
the Branch manager showing RBI regulation to close the T D R before maturity
either or survivor case. He posted it in our forum.
I will also going to S B I in another two days and hope I could contact
manager. All others will be busy to dispose tokens.
One point you have written is salient, make deposit for 3 months so that
maturity date will be near. But the main problem is since Husbands carry out
all works, women folks are least bothered about all these things or any talks
on these subjects.
One important item is family pension. So far the bank processed. Now in Telecom
it is circle pension section do it. This means for my family pension case when
if it occurs it has to be processed in Trivandrum. So now the instruction given
to my son has to be changed.
According to Sri Ramajayam, consent from all children is required to pay the
either or survivor FD to wife of late husband, when money was immediately
required ...
Further if will is prepared they require will copy. Then what purpose is served
by E or S T D Rs. Pathetic situation especially if T D Rs are for large
amounts.
In present days it is quite natural one son/ daughter may deny to sign consent
on one ground or other. or away in foreign country
Gopalakrishnan.
On Thursday, 28 September, 2023 at 03:12:13 pm IST, Narayanaswamy Sekar
<[email protected]> wrote:
Thanks Sri Mani and Sri G K for your responses.
Sri G K,
My response to your points - just my opinion and you or others may differ.
1. Putting everything in S B is not advisable as SB accounts will give low
interest.
My father had 3 FDs with SBI ( he split the total amount into 3 and created 3
as in case of need we can break one).He had it jointly with my sister and
nominated my brother and sister in 2 and 1 respectively as I was not in India.
On his death, the bank gave my sister two options:
1. To continue the deposit with the same rates till maturity - To the best of
my recollection as I went to the bank with her.
2. Close them then and there and do whatever she wants thereafter.Interest
accrued will be as per old rates.
Since the joint holder (either or survivor) was alive, the nominees didn't
matter.My father had no Will, only what he orally told us.
My sister retained one till maturity and closed the other 2 and gave the
proceeds to my brother as per my father's and my wishes.
This was in Oct 2018.
So I am not aware of the issue you have raised. I am in Chennai now and will
visit SBI and will write what they say regarding your points. It may take a
few days.
One can split total amount into 3 or 4 FDs depending on the amount and can even
create FDs for different tenure.
Nobody knows when will death come. Better keep roughly one years's expenses in
SB or even better, opt for quarterly, half yearly interest credits on the FDs
so one will always get Ithe interest credited to the SB account every qtr or
semi annually or even annually if one desires - to take care of running
expenses.
Best course is to visit your branchAnd discuss with them your concerns And
opt for the best option, based on your needs.
I would do that (have done that) instead of relying on what we read or hear.
Nothing better than that, that comes from the horse's mouth - here the your
bank.
N Sekar
Sent from Yahoo Mail on Android
On Thu, Sep 28, 2023 at 11:56 AM, 'gopala krishnan' via
iyer123<[email protected]> wrote: Dear Mr Sekar,
Why can't even educated persons aspire normal interest? One of my colleagues
invested a lot of money after retirement in a telecom co operative society for
slightly more interest. There may be many such. Telecom department announced V
R S, most opted and society became bankrupt, those took V R S left with out
paying society dues, address not known.
Invest half in F D in a nationalized bank and balance in savings deposit, handy
to have cash.
Recently I read difficulty in closing FD in nationalized banks in either or
survivor cases even after producing death certificate before maturity. Very
pathetic R B I guidelines, to close only on maturity date is possible.
So Better have all savings in SB - Best choice. Those ailing may close all FD
before maturity. Let us have meager interest. But no difficulty.
Gopalakrishnan
On Thursday, 28 September, 2023 at 11:14:32 am IST, Narayanaswamy Sekar
<[email protected]> wrote:
>From OpIndia
https://www.opindia.com/2023/09/kerala-ktdfc-unable-to-pay-ramakrishna-missions-fd-worth-130-crores-rbi-to-cancel-license/
My comments:
Be careful about where you invest, higher rates may, repeat, may carry higher
risk.
Even R K Mutt is a victim here.
It is not just Kerala but Most of the states are broke as they give freebies to
win elections but bankrupt the economy.
N Sekar
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