Vel Murugan 06 May 2016
Hello Users,
If a Party X has one son Y and one daughter Z .
Question 1:Party X has nominated Y as his nominee for Bank Fixed deposit. Can Z claim share on X's FD despite nominating Y and being logal heir ?
Question 2 : Can the nomination of Fixed Deposit overrule Will or Will of X overrule the nominee in FD.
Regards.
Vel
Kumar Doab (FIN) 06 May 2016
Nominee is just thehand to recieve and a mere trustee who shall distribute to successors/legal heirs. Z can claim.
The bank shall discharge its responsibility by making the payment to nominee thru valid nomination.
Will shall prevail.
However bank may ask to either obtain NOC from beneficiary or obtain probate of WILL.
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