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Old Jun 7th 2017, 7:27 am   #1
amka 
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Default Indian Bank Bond Account

My parents were Indian and moved to the UK in the 1960s. My dad remained and Indian citizen but my mum took British citizenship.
I have 2 siblings; we were all born in the UK.
My dad, in the 1970s, had some sort of 'bond' in an Indian bank. The bond went into my mum's + 1st brother's name after my dad passed away. My mum passed away unexpectedly and I was to get a share of this money but instead my brother added his wife's name to the account. (It's a fairly large amount. I'm named as a beneficiary in my mum's will.)
My other sibling has a smaller amount in another Indian account which he held jointly with my mum; the second account was opened after the sale of land.
The 1st brother has said that it is impossible to transfer money from the bond account to a UK account. Is this correct?
I doubt that I will see a penny.
(I have no real knowledge as to what's going on as I was always kept in the dark with regards to these accounts, other than that they exist + approximate balance, as stated by brothers.)
p/s the 1st bond account is called 'FD'.

Last edited by amka; Jun 7th 2017 at 7:49 am.
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Old Jun 7th 2017, 8:06 am   #2
Bipat 
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Default Re: Indian Bank Bond Account

Quote:
Originally Posted by amka View Post
My parents were Indian and moved to the UK in the 1960s. My dad remained and Indian citizen but my mum took British citizenship.
I have 2 siblings; we were all born in the UK.
My dad, in the 1970s, had some sort of 'bond' in an Indian bank. The bond went into my mum's + 1st brother's name after my dad passed away. My mum passed away unexpectedly and I was to get a share of this money but instead my brother added his wife's name to the account. (It's a fairly large amount. I'm named as a beneficiary in my mum's will.)
My other sibling has a smaller amount in another Indian account which he held jointly with my mum; the second account was opened after the sale of land.
The 1st brother has said that it is impossible to transfer money from the bond account to a UK account. Is this correct?
I doubt that I will see a penny.
(I have no real knowledge as to what's going on as I was always kept in the dark with regards to these accounts, other than that they exist + approximate balance, as stated by brothers.)
p/s the 1st bond account is called 'FD'.
Yes your brother is correct in that you cannot do it from the UK, you need to go to India and cash the bonds there. Then transfer is possible.
It depends whether the bonds have kept up with inflation and how much money is there and whether it is worth the cost of travel etc.
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Old Jun 7th 2017, 9:34 am   #3
amka 
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Default Re: Indian Bank Bond Account

Thank you Bipat. Your advice is very much appreciated.
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Old Jun 7th 2017, 9:54 am   #4
amka 
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Default Re: Indian Bank Bond Account

He goes to India fairly regularly however I do only go sometimes. He now says that I need to be in India at the same time as him to transfer the money. If he goes alone, can the transfer not be done online from the Indian FD to my UK bank account? This would happen, I guess, once the FD had matured again.
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Old Jun 7th 2017, 10:09 am   #5
Bipat 
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Default Re: Indian Bank Bond Account

Quote:
Originally Posted by amka View Post
He goes to India fairly regularly however I do only go sometimes. He now says that I need to be in India at the same time as him to transfer the money. If he goes alone, can the transfer not be done online from the Indian FD to my UK bank account? This would happen, I guess, once the FD had matured again.
You could give your brother power of attorney, it can be done in UK but lawyer costs again.
I think you need to contact the bank yourself and ask what they require. If they have branches in the UK etc.
It would certainly be easier if you are both there together.
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Old Jun 12th 2017, 5:55 pm   #6
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Default Re: Indian Bank Bond Account

What about Exchange Control ? there used to be tight restrictions on sending money out of India.
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Old Jun 12th 2017, 6:05 pm   #7
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Default Re: Indian Bank Bond Account

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Originally Posted by scot47 View Post
What about Exchange Control ? there used to be tight restrictions on sending money out of India.
As long as it is legally held--any amount can be transferred from your bank.
(With RBI permission which is automatically given).

There is a limit on undeclared cash which can be carried out in or out.
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