Nomination

AMIT PATIL (Querist) 20 April 2010 This query is : Resolved
My grandfather had nominated me in Fixed deposit, Demat account, Post MIS. He has not made any will. The above have been transferred to my account. Now do I own them or I will have to give them back to the other heirs if they demand.

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R.R. KRISHNAA (Expert) 20 April 2010
Nomination merely confers the right to hold the assets in the absence or death of the owner. It is the duty of the nominee to handover the same to the legal heirs if they demand.

Nominee acquires no title or right or interest over the assets (tangible or intangible).