when nominee can become absolute owner of nominated bank ac

Querist : Anonymous (Querist) 29 April 2010 This query is : Resolved
bank account is nominated to one of the children of the deceased male individual whose wife has already died. After the death of father the nominated child receives a sum after settlement of dues from the bank.
Does the nominee become the absolute owner of the sum received from the bank account as he/she was one of the legal heir out of the other brothers/sisters who were also legal heirs for the assets of the father?

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Raj Kumar Makkad (Expert) 29 April 2010
All legal heirs are equally entitled to inherit all the properties left by deceased.

Parveen Kr. Aggarwal (Expert) 01 May 2010
No. A nominee does not become absolute owner of the sum received from the bank and he holds the amount for the legal heirs of the deceased as a trustee. The amount is receivable by the legal heirs in accordance with the law of succession applicable to them.

Ms.Usha Kapoor (Expert) 29 June 2018
aGREE WITH pRAVEEN AND mAKKAD.

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