On nomination
v.venkatesan
(Querist) 04 November 2014
This query is : Resolved
CAN A NOMINEE STOP THE ACCOUNT HOLDER FROM TAKING THE MONEY FROM HIS ACCOUNT
Guest
(Expert) 04 November 2014
NO Please .Any details if possible Please.
v.venkatesan
(Querist) 04 November 2014
ONE OF MY RELATIVE OPENED AN ACCOUNT AND PUT NOMINATION ON DAUGHTERS NAME.
DAUGHTER TOLD THAT I CAN STOP TAKING YOUR MONEY FROM THE ACCOUNT
Guest
(Expert) 04 November 2014
Basing on your other query it should be your Mother and Sister.If Mother is alive Nominee Can not stop her from with drawals.
Advocate Bhartesh goyal
(Expert) 04 November 2014
No,as per sec 45ZAanking Regulation Act,Nominee can not withdraw the deposits until and unless Account holder is alive.
see sec 45ZA
45ZA. Nomination for payment of depositors' money
(1) Where a deposit is held by a banking company to the credit of one or more persons, the depositor or, as the case may be, all the depositors together, may nominate, in the prescribed manner, one person to whom in the event of the death of the sole depositor or the death of all the depositors, the amount of deposit may be returned by the banking company.
(2) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of such deposit, where a nomination made in the prescribed manner purports to confer on any person the right to receive the amount of deposit from the banking company, the nominee shall, on the death of the sole depositor or, as the case may be, on the death of all the depositors, become entitled to all the rights of the sole depositor or, as the case may be, of the depositor, in relation to such deposit to the exclusion of all other persons, unless the nomination is varied or cancelled in the prescribed manner.
(3) Where the nominee is a minor, it shall be lawful for the depositor making the nomination to appoint in, the prescribed manner any person to receive the amount of deposit in the event of his death during the minority of the nominee.
(4) Payment by a banking company in accordance with the provisions of this section shall constitute a full discharge to the banking company to its liability in respect of the deposit:
PROVIDED that nothing contained in this sub-section shall effect the right or claim which any person may have against the person to whom any payment is made under this section.
ajay sethi
(Expert) 04 November 2014
nominee cannot stop the depositor from operating his account during his life time . it is only on death of depositor would nominee be entitled to money lying in said account as trustee for all legal heirs
Dr J C Vashista
(Expert) 05 November 2014
Very well advised by expert Mr.Bhartesh Goyal, I agree and appreciate.
Only the account holder (during his/her lifetime)can operate the account and not the nominee and/or anyone else.
The nominee shall act as custodian of account after death of account holder, which shall be operated by the LRs of deceased account holder.
Sailesh Kumar Shah
(Expert) 05 November 2014
there is no room left by learned experts to add more.
V R SHROFF
(Expert) 06 November 2014
NO
is the Answer:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
malipeddi jaggarao
(Expert) 06 November 2014
No is the answer. Experts explained in detail. Nothing more to add.
T. Kalaiselvan, Advocate
(Expert) 07 November 2014
Nominee has no rights over the account or the money in the account during the life time of its principal.
Kumar Doab
(Expert) 10 November 2014
Agreed.
Nominees is not owner of the Bank A/c and funds during lifetime of A/V holder and even after death.
The A/V holder should excercise right to change nomination and arrange to register WILL if problems are expected.
