nominee

Nominees are the persons who may withdraw the deposited sum after the death of the depositors.When one of the depositors is alive,there is no illegality in withdrawing the amount by her.Perhaps there is the option that either of the two depositors may withdraw the amount.Nominees have nothing to do in the matter.

Dear Sanjeev,

When one of the joint account holder is alive, absolutely she has every right for lawful withdrawal of the the amount in the joint account, as one of the account holder has died. However, if in the nominee column any person's name is mentioned at the time of filling up the joint account form then the concerned nominee /s entitled to their respective share provided that either of the joint account holders does not survive, then only the nominee has a right to claim the amount.

regards.

Thanks.............

Advocate Ajaykumar for your thoughtful contributions

regards

sanjeev

Thanks Vikram for your views

It is settled law that a Nominee is a person authorized by the depositor to withdraw money after hisa/her death from bank and distribute the money amongst the all legal heirs and he is not an absolute claiming person as  nominee

nOMINEE IS NOT OWNER

With due respect to the above mentioned responses- I have following queries-

1-      What if there is a registered will by father in law (but yet to be probated)which mentions that all ‘his remaining assets’ be distributed equally amongst family members. Is the withdrawal of daughter in law illegal and fraudulent assuming the account is ‘either/survivor account? In such scenario, can the family members proceed to file criminal case against daughter in law and put her behind bars?Lets assume here the daughter in law has spent all the money and now refuses to pay stating she committed no fraud in withdrawing the funds from FD? How does the family safeguard their interest here?

2-      Vice versa, if the daughter has spent the funds and is willing to repay the family. But now the family is demanding an exorbitant amount which excludes the principal + interest the FD may have accrued after father in law’s death? Can the family now corner her on the basis of threats of criminal proceedings to recover the amount they demand? How does the daughter in law protect herself in this case?