socially backward (Social worker) 21 November 2013
Reformist !!! (Other) 21 November 2013
Yes, minor daughter will be the sole owner of that money.
Laxmi Kant Joshi (Advocate ) 21 November 2013
socially backward (Social worker) 21 November 2013
Kumar Doab (FIN) 21 November 2013
During the life time the owner is a/c holder.
Nominee is not the owner.
Nominee is just the hand to receive the funds in the a/c of the deceased and is bound to distribute the wealth to the legal heir.
Nomination does not supersede or override the succession or heir ship rights of the legal heir.
For the heir ship rights the corresponding succession law of the religion may be looked into e.g; Hindu Succession law.
The legal heir can approach the establishment maintaining the a/c of the deceased and stake their claim.
No establishment may accept nomination in the name of the minor till an appointee is also nominated by the /ac holder.
The a/c holder can mention that the appointee is till the minor attains majority.
The a/c holder can nominate as many nominees and can change the nominee and appointee any time and as many times.
It is always better to obtain proper nomination registration acknowledgment and get it recorded in the pass book/accounts.
The husband and child both being ClassI legal heir shall enjoy equal rights in the wealth of the deceased.
The Either or Survivor, Former or Survivor a/c’s are designed to cater to the needs hinted in this thread.
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