My uncle
zorrosmask
(Querist) 27 May 2012
This query is : Resolved
my uncle(mothers elder brother) has made a bank FD with him as primary holder and me (his nephew as joint holder1) and my father (as joint holder2) and my mother (his younger sister) as a nominee.He had not made any will during his lifetime.He also has a younger brother who has now requested the bank to withhold the fixed deposits and not give any monies to any of the joint holder or nominee.they say that the money should be equally distributed among the legal heirs (rather than among the joint holders and nominee). What i want to know from respected seniors is that who will ultimately get to enjoy the money?? the legal heirs or the joint holders??
V R SHROFF
(Expert) 27 May 2012
If hold jointly, It will be divided among all 3.
However, nominee has full right to withdraw the FD.
OTHERS HAVE TO CLAIM FROM NOMINEE,[ur mother]
only share of deceased.
S Jadhav 98336 98330
(Expert) 29 May 2012
Depending on the instructions to the bank, the bank may cancel the name of the holder who has expired and put on record only 2 holders OR give the share of the deceased holder to the nominee.
Normally the instructions are that the amount be transferred to the survivors and hence the deposit will now be held jointly by the two living joint holders.
The nominee is never the owner or heir of the amount that the bank gives him/her as a nominee. The nominee is only a trustee to whom the bank can give the amount after the death of the owner and this amount has to be given to the legal heirs by the nominee. If the nominee does not distribute the amount to the legal heirs they can approach the Court and the legal heir will win.
S Jadhav
