fd Vs succession


Hi

My father expired, he had Fixed deposits worth 40 lakhs in bank, we are two sons only as legal heirers

but the nominee of all the FD is my brother..if he is the nominee can i get the equal share of the FD

using the  succession certificate? or the money will be acquired by him only?. If so what is the procedure to

apply for equal share.. please help

kevin

 
Reply   
 
Educationist/Lawyer

Nomination is like a trusteeship and is not in contravention of the claim  under succession act or for that matter any claim that arises out of partition/attachement etc.

 
Reply   
 



Both of you have equal share,even you have to be a party to the case filed for succession certificate,Nominee will not automatically get the entire money,he is like a trustee as rightly said by K.P.BODA ji.Money will be divided as per law.

 
Reply   
 
Advocate

The appointment of any person as nominee does not make him owner of the property solely on its basis. Its is done only to facilitate the disbursal of any amont after the demise of the account holder and the duty of the niominee is to distribute the disbursed amount amongst the legal heirs of the acoount holder.

In this case you surely have got equal share in the maount left by your father.

 
Reply   
 
advocate

sir its diffecult to decide. but your brother will get all money. if you show succession certificate if bank accept that then you will get. nor you cant get . here have no equal share. becouse your father make nominee to your brother.

 
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