Nominee is a trustee or owner of the amount left in bank

Hi actually I need to know wthr nominee is a trustee or owner of the amount layed in banks.Is he or she is legally bound to disyributer the money among legal heirs

Answers (2)

115 votes

A nominee of an account holder is merely a care taker of the property or money. After the death of the account holder, the nominee is the person to whom the property/amount is to be disbursed by the bank and the amount so disbursed is subject to any claim by successors of the deceased. So the nominee is not the owner of money and he is only a care taker or trustee. The legal heirs of the decesed has the right to claim money under law.

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168 votes

Nominee if attained the majority age then after the death of the real party he is the owner of the cash or fixed deposit deposited in the bank by deceased. Where as if the amount or fd is in the name of joint holder then the other survivor is the owner.

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