Manjulanathan (Personal) 07 March 2012
My Wife's Mother & Father made some Fixed Deposits & PPF accounts on their name with My Minor Daughter as Sole Nominee & My Wife as Guardian on Behalf of Minor.
Now they were expired and these Fixed Deposits & PPF accounts got Matured. My Minor Daughter being Sole Nominee can get all this Money. If so, what is required?
My Wife has other Brothers & Sisters. Will they also get share in Fixed Deposits & PPF accounts for which My Minor Daugter is Sole Nominee...
Please Advice...
Manjulanathan
Kumar Doab (FIN) 07 March 2012
Nomination is just for the convenience of payment in the event of death of the a/c holders.
Bank and PO can make the payment to nominne and discharge the responsibility as per their process.
Bank and PO can ask for addittional documents e.g. NOC from other legal heir, letter of administration, succession certificate.
Nominne is responsible to collect the payment and distribute to legal heir.
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