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Can any Legal Heir challenge the Nominee of Bank Account
02-Jun-2023 (In Banking / Finance Law)
In case of death of Bank Account Owner , Can any Legal Heir challenge the Nominee of Bank Account or Nominee who is in Fixed Deposit account of Account Owner.
this question comes to me very often. The owner of the FD after the death of the depositor would be the nominee. To be clear on this I would suggest you to read the terms and condition signed at the time of initiating the fixed deposit.
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Adv. Shekhar Raj Sharma
Delhi | 100+ Answers
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A challenge can certainly be mounted if there are good grounds. A lot would depend if there is a will or a succession certificate. In any case a nominee can only receive the money but he/ she is not entitled to keep the amount. The legal heirs will receive the assets/ estate as per succession laws.
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Adv. Joydeep Nath
Delhi | 100+ Answers
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Nominee of Bank Account can is only authorized to collect the amount in bank account of deceased but he has no legal right to keep the money provided there is a Will in his/her favour. In case there is no Will, the legal heirs can claim the amount of FD.
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Adv. Dalip Singh
Delhi | 25+ Answers
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