Mr. Z


Dear Sir


We refer to your letter dated 12.07.2007 on the above subject.

From perusal of your letter and enclosed documents, it is apparent that Mr. x of …………………….. maintained a current account with BANK 1, ………….. The said account holder died on 16 June 2007. The Bank holds the said account, which has a total deposit of BDT. 1,23,890.00. At the time of opening the account, Mr. x had declared his wife Mrs. A as his nominee who would receive the amount of deposits held by BANK 1 in his account in the event of his death. Mr. x left behind his wife and one son, Mr. B of 15 years old as his successor.

In these circumstances, you require our legal opinion regarding whether BANK 1 can disburse the deposit amount of late Mr. x in his nominee’s favour.


Section 103 (3) of the Banking Companies Act, 1991, provides as follows:

“Notwithstanding anything contained in any other law for the time being in force or in any will or any kind of document regarding the allotment of properties, the person nominated under sub-section (1) or directed under sub-section (2) shall, after the death of the individual depositor or of all of the joint depositors, as the case may be, attain all the rights the individual depositors or the joint depositors had on that deposit, and every other person shall be deprived of those rights”.

In the instant case, late Mr. x, at the time of opening the account in question, appointed his wife Mrs. A, as nominee of the proceeds of the account in the event of his death. In such situation, in the light of the above provisions of law stated hereinabove, we are of the opinion that BANK 1 may disburse the proceeds of the account of late Mr. x to Mrs. A. However, BANK 1 may obtain a letter of indemnity from Mrs. A to the effect that she shall indemnify BANK 1 against all claims, demands, proceedings, losses, damages, charges and expenses which may be aroused against or incurred by BANK 1 by reason or in consequence of the payment to her. The letter of indemnity must be printed on Tk. 150.00 non-judicial stamp.

If you have any more inquiry, please do not hesitate to contact us.

Thanking you.

Yours Sincerely,


For: “The Lawyers & Jurists”