status of nominee after demise of saving bank a/c holder

Querist : Anonymous (Querist) 04 March 2010 This query is : Resolved
What would be the status of nominee in saving bank account, after the demise of account holder.esp.if the nominee is minor(14 years of age). 1)Can the parents of the nominee withdraw or handle the amount?
2)can the parents of the nominee convert the account to fixed deposit scheme in the same bank.
3)Can the parents transfer the fixed deposit a/c.to some other bank/branch

P.S.NOMINEE IS THE GRANDSON OF ACCOUNT HOLDER.

Follow Query

Report Abuse

adv. rajeev ( rajoo ) (Expert) 04 March 2010
Nominee's has to discharge his duty only.
If he is minor then parents has to file petition for guardian and wardship act to appoint the guardian.
No they cannot convert without obtaining the guardian certificate from the competent civil court.