Reserve Bank Of India [RBI] — Axis Bank not releasing funds to nominee on FDs

Askem

Address:	Mumbai City, Maharashtra, 400099
Website:	Fort Mumbai Branch of AXIS Bank

My mother died in July2016 and left FDs with me as her nominee.
The FDs are in Fort branch of AXIS bank . The Bank employees have been very uncooperative for last 6 months and does not tell why the FDs funds can not be
released to nominee. For last 6 months, bank employees have been giving different answers to confuse me and waste my time. Nodal office, Jinesh Shah has not helped ...Principal nodal officer didnot reply..RBI ombudsman has been notified, consumer forums have been informed.
In spite of clear directions from RBI and Banking act 45ZA abd 45ZB, AXIS BANK does not care. I was told by people that unless I pay Axis bank employees they will keep wasting time and harassing you. I donot want to pay bribe at all. Seems all of them are together as none of bank employees are giving straight answers. I was told recently that there is no court order restraining the bank . What are my options at this point to get my late mother's FD funds being her nominee. Is it that I am facing a very corrupt bank ? How do you deal with such type of banks like Axis Bank ? Please advice.

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Reserve Bank of India [RBI] customer support has been notified about the posted complaint.

Mar 16, 2017

Updated by Askem I have dozens and dozens of e mail, whattsapp and phone messages with employees of Axis bank regarding request of release of FD funds and DMAT to my account as I am registered nominee of my late mother, Smt Sita Devi Somani. This has been going on for 6 months. I met Fort bank employee personally when I was in India on Aug29, 2016. My lawyer went to fort boranch at end of 2016 to get clarification about why nominee can not get paid. No outcome . I wrote to nodal officer, principal nodal officer and also, CEO, Ms Shikha Sharma and attached FD certificates showing me as registered nominee, bank statement form which the funds were withdrawn by my late mother and FDs were made. Most frustrating part is that Axis Bank is not telling me why they can not release funds. I sent them Axis bank booklet showing their own rules, parts of RBI master circulars
parts of Banking act 45a-45Z, companies act109A and finally, last week I made a formal complaint to RBI ombudsman. This is the worst banking experience of my life. I live in USA and donot understand what works in India to make banks follow RBI rules and laws. Is it truly "jungle Raj" there ?

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Comments

Askem

With Axis Bank Fort Mumbai branch continued harassment by not releasing FD funds of my deceased mother to me (I am registered nominee. Finally, I had to hire an lawyer and sent a legal notice why they are not releasing FD proceeds to nominee.
The Axis Bank officials told lies in reply saying that I did not follow the paperwork and procedure (they never told me procedure but kept confusing me whether there was a court order or not.
However, after legal notice, Axis bank accepted that I am the registered nominee on the FDs and there is no dispute. Now, they want an indemnity letter on Rs 500 stamp paper which is not available in USA.
I have arranged the stamp paper from Mumbai and getting indemnity letter attested by Consulate of India and hoping they will finally release funds after constantly misleading and b*ullshitting for 12 months.
Then NRIs like me get calls that we should invest funds in India...How can one trust such Bank for future investment where clerks can harass investors and make them feel helpless about their own money.
I am waiting to see what new tricks Axis bank comes with after I send them indemnity letter.