Indian Bank Bond Account
#1
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Joined: Feb 2017
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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'.
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 6:49 am.
#2
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Joined: Apr 2010
Posts: 20,711
Re: 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'.
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'.
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.
#3
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Joined: Feb 2017
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Re: Indian Bank Bond Account
Thank you Bipat. Your advice is very much appreciated.
#4
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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.
#5
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Joined: Apr 2010
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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.
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.
#6
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Re: Indian Bank Bond Account
What about Exchange Control ? there used to be tight restrictions on sending money out of India.
#7
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Re: Indian Bank Bond Account
(With RBI permission which is automatically given).
There is a limit on undeclared cash which can be carried out in or out.