I understand that HUF deposits in bank do not have nomination facility.So in case of any eventuality .sad incident of Karta , how maturity amount of HUF FDs will be given to family members.If the maturity amount is transferred to HUF account , then without KARTA , how family members can withdraw this amount
I believe that the Karta of an HUF can declare a successor of HUF account through on Rs.100 stamp paper on account of demise..He/she would be considered as nominee of the account.
HUF Accounts – Death of Karta (as given in BoB website)
In the event of death of a Karta, HUF account may be settled as under:
a) Obtaining affidavit cum indemnity from surviving members and legal heirs with two guarantors confirming their acceptance to one of the members as a new Karta. Bank shall allow the new Karta to continue to operate the existing account on the basis of such documents, in HUF accounts having small balances (what is small balance to be decided by each bank).
b) Similar procedure to be followed in cases where account is to be closed and balance in the account to be paid to the new Karta.
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