Legal Question in Banking Law in India
We ar 5 legal heir's. My Father is NO MORE. But he has nominated 1 person for his SB account. Does the nominee get the entire money or will the remaining 4 also get equal share?
Asked on 6/04/10, 4:22 am
3 Answers from Attorneys
J. Radhakrishnan
independent Practice
The nominee is entitled to all the rights of the depositor. Other heirs won't get anything.
Answered on 6/04/10, 6:53 am
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
no, nominee is just the trustee and the money would be distributed amongst all the legal heirs.
Answered on 6/04/10, 11:20 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
The nominee is required to distribute the money amongst all legal heirs after withdrawal from the Bank.
Answered on 6/06/10, 5:34 am
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