I have read that the SC declared merely nominating someone for bank deposits doesn’t give him the full authority to access the deposits in case of death of the account holder.
How true is this? please answer in respect to both savings and term deposits
iamsubho-Yes, your assumption is right. Nominee not create ownership on the deceased property or assets. However, he acts as a trustee to hand over the asset to deceased legal heir.
ok so in such a scenario if the legal heir and the nominee is the same person then can he get the deposits?