Deontic Advisors, a full service Financial Planning Boutique House, conceptualised and set up by Truptesh Shah in September 2009, is in the business of offering Financial Planning and Investment Advisory Solutions. The core focus of Deontic Advisors is to provide unbiased fee based financial advisory solutions, in line with the Financial Planning principles set by the Financial Planning Standards Board, India.
Truptesh Shah, a Certified Financial PlannerCM (CFPCM) and an MBA (Finance), has been writing financial plans for over 6 years now. He has over 12 years of experience in the field of analyzing, interpreting and promoting financial products & services in the equity, debt & insurance markets. The last 8 years of his practice have been focused in the areas of core Financial Planning & Wealth Management.
He has an in depth understanding of the financial markets, products and services. Truptesh has a strong hold in the areas of equity, debt, insurance, estate planning, trust services & asset allocation, from a Financial Planning proposition.
He carries with him a rich background of having represented and worked for organizations such as ASK Wealth Advisors, Allegro Capital Advisors, HSBC Bank, Citibank and HDFC Standard Life Insurance Company.
Truptesh, a mentor and a career advisor to a number of budding Financial Planners, also teaches various subjects pertaining to investment management & financial planning as a regular visiting faculty at various institutes.
Truptesh is also a founding member of the Federation of Financial Planners. A non-profit making organization founded with the objective of promoting and popularizing the financial planning & advisory profession.
To learn more about Deontic Advisors please visit our website http://deonticgroup.com
Dear Sir
The deceased has put a deposit in a bank which is a government of India undertaking The deceased has nominated three of his five children as nominees for the deposit The bank has also accepted the nomination and filed the nomination on bank records After the demise of the depositor the three nominees appointed by the deceased for the deposit want to claim the balance in the account equally amongst them i.e 1/3 of the balance in the account to each The bank authorities say as per Banking Companies ( Nomination ) Rules 1985 the nomination has to be made in favour of only individual and the nomination in which multiple nominees are appointed is not acceptable by the bank Meanwhile the other two siblings have also given a letter to the bank to claim their shares in the account balance Because of their claims the the dispute is there for the settlement The bank authorities say when the dispute is there for settlement the bank cannot pay the balance in the account to the nominee [ even if one individual is appointed as nominee as per Banking Companies ( Nomination ) Rules 1985 ] Because of the disputes as above the bank insists on the submission of legal heirs certificate for the settlement of claim
I may kindly seek for your advice on the following points
( a ) – In the given situation as above whether three nominees appointed for the deposit by the deceased can ask the bank to pay 1/3 of the balance in the account to each [ i.e equal shares to all three nominees ] furnishing the proper identity to the bank
( b ) – The bank says multiple nominees are not acceptable [ but the bank has accepted the nomination initially in which the three nominees are appointed by the deceased for the deposit ] Based on this point whether the bank can refuse to settle the claim to all three nominees appointed by the deceased paying 1/3 of the balance in the account [ as explained above ] to each
( c ) – The other two siblings [ i.e siblings other than three nominees appointed ] have given complaints to the bank for their claims in the account balance Because the dispute is there for settlement whether the bank can refuse to settle the claim to all three nominees appointed by the deceased paying 1/3 of the balance in the account to each [ as explained above ]
( d ) In the given situation whether the bank is correct to insist on legal heirs certificate for settlement of the claim
Your kind advice on this subject is extremely solicited please I may kindly request that the advice may please sent to my e-mail id sravindran1279@gmail.com
WITH REGARDS
S RAVINDRAN
BANGALORE