Who is Nominee? :
As per Law Nominee is just Custodian of asset or account. He is legally bound to transfer the asset to legal hire.
Whether Nominee is not the actual owner of the money in the Bank Account? Bank Nominee Vs Legal Heir ?
बैंक खाताधारक की मृत्यु होने पर पैसा कैसे कैसे निकाल सकते है ?
Rights of a Legal Heir succeeds Rights of a Nominee. This is the basic and most common difference between the two. Often there is a lot of confusion between the meaning of a nominee and a legal heir.
Legal heir or Nominee in Bank Account? Who is the rightful owner after the death of the Depositor?
Nominee in the Bank Account or the Legal Heirs ? Who will inherit the Deposited Amount in our Bank Account ?
Whether Nominee in the Bank Account, Fixed Deposits or even Bank Lockers gets the Ownership Rights after the Death of the Account Holder ?
Is Nominee in the Bank Account a Sole Beneficiary ?
Misconception or A Myth regarding Nomination in the Bank Account ?
This Misconception was settled in the Landmark Judgement delivered by Hon'ble Supreme Court in the matter of Ram Chander Talwar & Others Vs Devender Kumar Talwar & Others (2010) - Nominee of bank account does not get succession rights and become Sole Beneficiary after the Death of Account Holder : Hon'ble Supreme Court
The Hon'ble Supreme Court (SC) has clarified in the said Judgement that the nominee of a depositor in a bank account does not get ownership of the money in the account or become sole beneficiary after the death of the depositor or Account Holder. The nominee only gets exclusive rights to receive the money lying in the Bank account. It gives him all the right of the depositor as far as the depositor's account is concerned, according to Section 45ZA of the Banking Regulation Act. But the banking law is not concerned with the succession. The money lying in the account will form part of the estate of the deceased depositor and devolve according to the rules of succession and hence in the absence of the Will shall be distributed among the legal heirs of the Deceased Depositor or Account Holder.
Hence, The Nominee can not Claim Sole Ownership or Become Sole Beneficiary and Use money deposited in the Account - It is a Misconception and and Unknown Fact - Listen to the Video to settle the Doubt.
The Provision of Nomination is governed under Section 45ZA Sub Section (2 ) of the Banking Regulation Act, 1949 but the distribution of the Estate of the Deceased depositor is as per the Succession Act.
Nomination Vs Legal Heirs ? #Nomineeकेबारेमें#ग़लतफ़हमी
Nominee is not a legal Owner and cannot use money
Role of the Nominee, his Rights and Responsibilities : Just to act as a Trustee or a Custodian
Appointing a Nominee does not create legal interest in the assets of the Deceased.
Nomination should not be substituted or treated as a Last Will of the Account Holder
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Nominee can not use money...Unknown facts
दोस्तो, Bank ke current account में , savings account में, PPF, NSC, FD, SCSS, SHARES, INSURANCE PLANS, LIC PLANS...सब में हम nomination करवाते हैं ये सोच कर कि हमारे मरने के बाद ये पैसे nominee को मिल जाएंगे और वो उसका इस्तेमाल कर सकेगा। लेकिन दोस्तो, ये बात सच्चाई से बहुत दूर है, video को ध्यान से पूरा देखें
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