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Rights of legal heirs against nominee

(Querist) 17 January 2022 This query is : Resolved 
My father passed away recently..he had 3 fixed deposits in which nominee is my brother and one saving account in which i am nominee..i want to ask that only nominee has the sole right on money or we both brothers have equal right on total money including fixed deposit and saving account..because i have read in few places that nominee is just a trustee on money and all the legal heirs have equal rights ..please guide..
K Rajasekharan (Expert) 17 January 2022
What you state in the query itself is the well settled legal position in this issue of nominee v legal heirs, in regard to the deposit of the deceased.

On plain reading the banking regulation is quite confusing and that is why many people have no much clarity on this issue. But the SC judgement on this issue is quite clear and plain.

My article on this issue which cites relevant statutes, may give you some better clarity on this issue and that is available at https://lawwatch.in/challenge-between-the-legal-heir-the-nominee-regarding-the-deposit-of-the-deceased/
Advocate Bhartesh goyal (Expert) 17 January 2022
Yes, it is settled proposition of law that " nominee is trustee of property " and he is not owner of that property, he has to disburse
Advocate Bhartesh goyal (Expert) 17 January 2022
Yes, it is settled proposition of law that " nominee is trustee of property " and he is not owner of that property, he has to disburse/handover the property to legal heirs of deceased or legal heirs of deceased have right to recover the property from nominee
kavksatyanarayana (Expert) 17 January 2022
Yes. The nominee is only a custodian of the property and he has to handover to the legal heirs of the owner of the property.
aman (Querist) 18 January 2022
Thanks to all experts for valuable advice


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