GIRISH RAO (supervisor) 25 May 2014

Rights of nominee to fixeddeposits

I AND MY MOTHER ARE THE NOMINEES TO SOME FIXED DEPOSITS HELD JOINTLY BY MY PATERNAL AUNT AND HER HUSBAND. THEY WERE CHILDLESS AND BOTH ARE DECEASED. MY UNCLE HAD MADE A WILL WHEREIN HE BEQUEATHED HIS IMMOVABLE PROPERTY ONLY TO HIS BROTHER'S DAUGHTER. THE LAWYER WHO PREPARED THE WILL HAS ADVISED ME TO CLAIM THE DEPOSITS. HOWEVER, THE PERSON WHO GOT THE IMMOVABLE PROPERTY HAS THE ORIGINAL DEPOSIT RECEIPTS AND REFUSES TO HAND OVER THE SAME TO US STATING THAT NOMINEE IS ONLY A CARETAKER. THE WILL CLEARLY MENTIONS ONLY FIXED ASSETS AND NOT MOVABLE ASSETS. KINDLY ADVICE ON THE MATTER.

Reply Follow

1 Replies

Suneet Gupta (www.vashiadvocates.com) 25 May 2014

It is correct that the nominee is only the caretaker of the FDs and not the owner or beneficiary.

Since the Immovable assets were not mentioned in the Will they will be divided as per the Hindu Succession Act. In this case, the first degree relatives (children, parents, spouse) of the deceased will have equal share in the FDs. If there are no first degree relatives, then second degree relatives (brothers, sisters, etc.) will have equal share.

In this case, since the movable assets are willed to the brother's daughter, the court may also infer that the FDs were also bequeathed to her (constructive interpretation). If she has filed for probate of the will, then I suggest that you challenge the same in court.