1. Have an Interesting Snippet to Share : Click Here
    Dismiss Notice
  2. Would you like to join the IL team? See open jobs!
    Dismiss Notice
  3. Liked anything that you read here? You may nominate it as the Finest Posts!
    Dismiss Notice
  4. What can you teach someone online? Tell us here!
    Dismiss Notice
  5. If someone taught you via skype, what would you want to learn? Tell us here!
    Dismiss Notice

Whose Money is This

Discussion in 'Snippets of Life (Non-Fiction)' started by Kamalji, May 17, 2010.

  1. Kamalji

    Kamalji IL Hall of Fame

    Likes Received:
    Trophy Points:
    Whose Money is This

    This matter is before I started to blog in 2006, and it again relates to a Nationalized Bank, whom I wont name. Names have been changed, but rest is all accurate.

    One day my NRI cousin calls me up from Mumbai. He has some problems with a nationalized Bank regarding some Fixed Deposits, and asks me if I can find out the solution here from my Bankers , what to do. This is the case and the problem.

    His sister is widowed, with two daughtersthen around 18 and 20. The sister with her daughters stays separate in a <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:eek:ffice:smarttags" /><st1:City w:st="on"><st1:place w:st="on">London</st1:place></st1:City> apartment, the inlaws live separate.

    Inlaws had 2 sons, one , the husband of this lady, died a few years back. So one alive.
    Now the FIL and MIL made two Fixed Deposits in Pounds, with a nationalized Bank in Mumbai, with whom my cousins and these inlaws had a long term relation.

    The Fd’s were in the joint name of the couple, and the nominee in the first FD was oen granddaughter, and in the other one, the second granddaughter. The Fd tenure was one year. After the year was out, the FD was auto reneiwed, now in the second year of the FD, first the MIL died, and after a few months, the FIL died.

    The Cousins sister, that is the DIL came down to Mumbai, with the death certificates of the two, and presented to the Bank, and told the Bank, to pay the money to the nominees, that is her two daughters.

    In between the son of the departed souls, that is her BIL, came to know and he too flew down, with a copy of the will of his parents, which clearly said that in the event of their death, everything goes to this son.And he told the banks, that since his parents wanted all the money to go to him, as per the will, they are not to pay the money of these two Fixed Deposits to his nieces, but to him.

    The Bank froze the deposits and told my cousin to get a court probate, for they did not want go get into the dispute. My cousin asked me to kindly find out from my Bankers here in Jaipur what is to be done, for the Bankers would not budge an inch.Going to courts would involved years of ligitation, fees of lawyers, attending the courts, and they would have to fly down from London to here for every hearing, and that would have been Hell for them.

    The Amount involved ? appx 5 crores each FD, so a total of 10 crores involved in the dispute.And with annual interest rate of 5%, the interest amount came to 50 lakhs per year, a mind boggling amount for me.

    I immediately went to a Banker of mine, and told him the whole story, and he brought out the Bank book, prescribed by the RBI, common guidelines, and made me read the 3 pages that were relevant to this topic.

    The Book said “ The Nomination is more powerful than the Will, unless the Will specifically states that all previous nominations are cancelled, null and void, and the Will should have been made after the date of these FD’s in question.” The Banker gave me the photocopies of those pages and underlined the relevant lines, and he gave me atip too which came in great use.

    I asked my cousins to see when the will was made, and we found out that it was made before the FD was made, not after, and there was no clause, which said that nominations stand cancelled.

    I faxed the copy to the Bank Manager, of Mumbai, and then I spoke to him on the phone.He called me a few days later, to tell me, that the lawyer appointed by the Bank, has refused to accept our arguments and said that this matter will go to courts, which we did not want to .

    It was then the tip came in use.Itold the Banker, “ Mr.Patil,. at our expense, kindly take an outside opinion from a good lawyer, and we want his judgement in writing, as well as the Bank’s lawyers refusal. And Mr.Patil,. how does the Will come into play.When u made the FD, You did ask for the nominations, rather insisted for the nominations, but did u ask for the copy fo the Will ?

    Patil said, the amount is too big to take a risk.I told him, was it not big when u took it, did u not think that one day the Bank has to pay back the money to the owner of the deposits, or to the nominee of the deposit? He kept quiet.

    It was then that I started my third degree methods, and changed my tone to a harsher one, till then I was pretty polite, and doing Sir, please and all that.Then I came down to the level of amir Khan in Rangeela, and his language.

    I said “ Patil ( the Mr. was gone), what does nomination mean ? that in the event of the death of the FD holder, u have topay the sum to the nominee, correct ? And now that u refuse to pay, citing some or the other problem, I will make sure I will get this case publicized in the papers, my Uncle works with the TOI ( bull**** I gave him), and I will make sure, that all the Banks including yours, will have to ask for the copies of the Will from all the lakhs of FD holders, and the paperwork will kill you.

    And we will personally take your Bank to court, and it wont matter to us, to hire the best lawyers even for a few lakhs, for we have enough money in the kitty, and we will in addition take out all the other FD;s that we have in yr Branch, and tell our other close friends to close their accounts with u totally !!!

    Patil was silent for a while, I could hear him breathing heavily, he said, Sir, as u said, we will ask the opinion of an independent lawyer, and let us wait for a couple of days.We said fine, and I can swear, that neither me nor my cousins had any hopes of avoiding the courts, for amounts as big as these, no body wants to take any chances, why risk their job, or why stick their neck out !

    We were waiting anxiously , when after a few days, Patil called my cousin and me, that the independent lawyer, has agreed with the arguments that I had put forward, and he said the money must go to the nominees of the Fixed Deposits !!!

    Whopee, we were so damn glad, that day I had an extra peg.Now my cousin wanted me to come to Mumbai and talk with Patil, as he wanted my support, and I told cousin, listen u pay for my to and fro air fare, for I am coming for u, but I will not charge any fees, and I told him I will take another 1500 bucks from him, for I want to gift a Bottle of Black Label to the Jaipur Manager, who helped me with all the facts .It was the Jaipur fellow who told me about the independent lawyer thing, that same evening I flew down to Mumbai.

    Mom was so surprised to see me.Next day the two of us went to the Branch, and I swear I have never seen a branch Manager ever order pistas and Badams for his clients, and the best of the Sherbets from a nearby restaurant. He had the FD;s ready, with the changed names, we added the mothers name too in both the FD’s, and Patil said, sir there are a few more months for the FD to mature let it remain in this branch, to which we agreed.

    And me and cousin took the FD;s and straight went to Taj , and it is the first time I had drinks there, for it was exhorbitant, I just saw the drinks menu card, and I almost fainted, but cousins snatched it from my hands, and said relax, and I don’t know wha the bill came to, but with the few pegs of Blue Label each, and kababs, and the works, I guess it was close to 25000/- I told him lets not waste money here, but well, what is this piddly amount in front of the 10 crores that we laid our hands on, without going to the courts.

    Once in a few years, my BP, that is blood pressure goes down, so I need some fight to bring it back to normal, and this one occasion, where I felt useful as a human being, to be able to help someone, inspite of being uneducated, and not knowing a word of law, but thanks to the good Banker, and other friends, I somehow got the work done.

    And it did make me feel good about myself, though I feel sorry for Patil, he had to undergo me, for so many days, poor fellow.HAHA


    Angry Son in Law sent this message to his Father in Law

    Your product not matching my requirement

    Smart Father in Law replies

    Warranty Expired.Manufacturer not Responsible !!!

    Swami Vivekananda said
    If I can get 10 young boys , I would build a powerful Nation
    Swami Nityananda said
    If I could get 10 young Girls, I can create another Nation !!!


  2. iyerviji

    iyerviji Finest Post Winner

    Likes Received:
    Trophy Points:
    Dear Kamalji

    Glad to know that finally you succeeded in helping your cousin. It was nice of you to help them out. Good you enjoyed the success with a peg

  3. radsahana

    radsahana Silver IL'ite

    Likes Received:
    Trophy Points:
    Dear Kamalji

    Not only your post is entertaining, but educational too:thumbsup.

    See today i learnt a lesson, about RBI law, which says about nomination, and also got glimpse how to argue. (Although i am not sure, whether we will have FD of soooooooooooo big amount).

    It is really so kind of you to help your cousin, and also not taking credit wholly for yourself, remembering your banker friend, who gave u the tip (otherwise, today everyone takes credit, for not doing anything also:bowdown).

    See in earlier fb, i said, whatever u give, it comes back to you in loads, so since now you helped and showed ur kindness to strangers, i am sure in turn you will always get help and kindness whenever u need.

    have a great day. Jokes are as usual top:biglaugh
  4. Soldier

    Soldier Gold IL'ite

    Likes Received:
    Trophy Points:
    Pranams to you Kamalji,

    Giving fb to your post after a lo.......................ng time.

    A very informative post I should say. That the nomination overpowers the will unless mentioned specifically is really an information to all of us reading this.

    So nice of you to take all these pains and help out your cousins get the enormous amount of FD that they were due to receive.

    Also nice to note that you rendered help and insisted on that `extra' peg and the drinks at Taj you must have really enjoyed.

    Nice person - nice helping nature - nice bank manager - nice reception with badam, sharbhet and what not - nice dose of your hot drinks - nice jokes !!!!!!!!!!!!!

    Overall a nice post. Keep entertaining us ji.

Share This Page