https://www.taxtmi.com/caselaws?id=113235 Section 45ZA(2) of the Banking Regulation Act confers on a nominee only the right to receive the bank deposit on the depositor's death and to hold it for that limited purpose. The provision does not govern succession, so the amount received by the nominee remains part of the deceased depositor's estate and devolves under the applicable succession law. The same interpretation is supported by the similar nominee provision in the Government Savings Certificate Act, 1959. A nominee therefore does not become the owner of the deposit and cannot exclude the legal heirs from asserting succession rights. en-us Wed, 06 Oct 2010 00:00:00 +0530 Wed, 13 Sep 2017 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113235 Section 45ZA(2) of the Banking Regulation Act confers on a nominee only the right to receive the bank deposit on the depositor's death and to hold it for that limited purpose. The provision does not govern succession, so the amount received by the nominee remains part of the deceased depositor's estate and devolves under the applicable succession law. The same interpretation is supported by the similar nominee provision in the Government Savings Certificate Act, 1959. A nominee therefore does not become the owner of the deposit and cannot exclude the legal heirs from asserting succession rights. Case-Laws Companies Law Wed, 06 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113235