1. One of the issues I have seen with joint account mode is, the banks ask for both signatures in case of a connected FD maturity, even if the account is EOS mode. I cant understand this logic, may be they are trying to play more safe. When I questioned the bank, I did not get any proper answer. Finally, while the account is joint (EOS mode), I put the FD in my single name with second name as nominee. Understandably, they dont ask for both signatures, when a FD is created but they crib only when it matures.
    Also as per most banks, the internet banking is applicable to only to first holder.

    • It happens because Joint holding is all about mode of operation. but when you open or close the account bank needs permission of all account holders to take action. FD closing is a closing of account so both signatures are required.

  2. I feel that in case of nomination, nominee gets full right over the deposit, in case of demise of depositor. Depositor can nominate anyone, who is totally not related and hence the legar heir laws are not applicable.

    • Nominee is only a caretaker of the funds, he is responsible to handle it in the absence of the investor, to deliver to the legal heirs. It cannot belong to the nominee. Keeping a nominee only makes the banking transaction easier.

  3. 1. I would like to know that as per the RIB guidelines or instructions which one joint account of husband and wife or one of them as Sole account holder & the other as nominee in a bank is accessible easily. Further our children are out of the country and I am 81 years & my wife is 78 years.
    2. In Senior Citizen Saving Scheme is it stipulated that only Residents of India can be nominees?

  4. I am nikhil dwivedi i am 35 years old ,my bua (fathers sister) are divosered and i am joint holder of my bua sbi and uco account ,at deceased case any legal hiers can disturb me in saving bank account

    • You being the joint holder in the account, doesn’t make you the owner of the account post her demise. Also, you do not possess any legal rights over her assets unless she bequeaths them through WILL. Else, the assets would be distributed according to the succession act.

    • No, it is not necessary but you need to declare it in the form that it is a joint account and there is no need for nomination while opening a new account or converting an existing account into a joint account.

  5. In case of death, who will get operating rights, joint account holder or nominee?
    1. In case of FD
    2. In case of Demat account
    3. In case of Mutual FUnd
    4. In case of Immovable property
    5. In case of PMS

    Does it make any difference if the account, wherever possible, is either or survivor?

    • Operationally speaking, the second holder becomes the owner of the account after the death of the first holder. So, he can appoint the nominee in the account.

  6. My father has registered me has his nominee in all his FD,bank accounts,locker.in addition to me he has two more sons…..I want to know what is the legal aspect….we are Hindus by religion

    • Hi Neelesh,
      The nominee is just the trustee of the account and not the owner. So, after your father all these would be divided equally among three brothers and your mother as per Hindu Succession Act.


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