Status of Nominee

KamalNayanSaxena (Querist) 28 September 2008 This query is : Resolved
Are the LR's of nominee have legal rights over small savings in post office.

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Shyam Ji Srivastava (Expert) 28 September 2008
Dear Kamal,

YES. THEY HAVE

G. ARAVINTHAN (Expert) 28 September 2008
Surely the Legal representatives have rights over the same

GOPI KRISHNA (Expert) 29 September 2008
yes i do agree with my friends

Guest (Expert) 29 September 2008
But only after an issue of Succession Certificate.

ARVIND JAIN (Expert) 29 September 2008
YES, OTHERWISE DIFFICULT TO PROVE THAT THEY ARE LRs.

J K Agrawal (Expert) 29 September 2008
Opps I would like to say some thing differ.

A nominee is not the owner of the property or deposit or security. He only a person who will deal with that account. It means he will release the amount and give to persons entitling. Nominee's position is just like a manager or trustee. He is only a person having privilege even over actual successors to manage the money.

No doubt that nominee himself was entitled to withdraw the money even against true owners but it does not give any right to LR's of nominee. The actual owners as per succession laws or otherwise entitle persons are only entitle to the amount when nominee himself is not there to exercise his privilege.

G. ARAVINTHAN (Expert) 30 September 2008
Yes Succession Certificate is a must

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