NOMINEE - Cannot Use Money? New Nomination Rule for Bank | Supreme Court Order

Why NOMINEES Cannot Use Money? New Amendments to nomination rule for bank | Supreme Court Order

Who is the nominee in a bank account?
What is a nominee in a family?
What is the nominee law in India?

Definition of Nominee:
A person who will receive the proceeds of the account or investment in case the holder or the owner demise unexpectedly.

The Banking Laws (Amendment) Bill, 2024, submitted by Finance Minister Nirmala Sitharaman, includes a proposal to raise the maximum number of nominees permitted per bank account and locker from the current one to four. Amendments to nomination rule for bank lockers, deposits ...

Judgement link-

Judgement link-

1:11- High Court judgement 1
3:26- Supreme Court judgement 2
4:49- New Rules regarding nominee

Act and Section in this video:
Hindu Succession Act, 1956 & Banking Law (Amendment) Act, 2024

In this video legal expart Adv Papia (Decode The Law) will discuss about that latest judgement of Hon'ble Supreme Court related to discussed about the important judgement of Supreme Court in which it explained the rights of nominee and explained the whole concept of nominee. To know the detailed information watch this video till end.

Nominee NOT entitled to use money? Supreme Court Judgement exceptions

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[KruhnatPandhari]

व्हिडिओ हमको देखे बहुत अच्छा लगा आपने बहुत अच्छी जानकारी दी है धन्यवाद हम हम इस बात का खयाल रखेंगे

[Mr]

Very good proposal. GOI must implement asap.
Very good briefing with a good clarity in a simple language so that any commoners can understand.
Most of the practicing advocates does not aware of such changes in Banking laws due for amendment. Thanks

Nagesh Rao
Mumbai

[sarjumaisuriya]

You said right, It should be happened this law

[Mr]

Such claims used to happen in rampant manner 2 decade ago, even now in very rare cases.
Especially in Maharashtra police at SI and down below rank.
They used have one wife at their home town due to high cost of living in Mumbai, accommodation and other problems they didn't shift their family to Mumbai.
Once they passed away then both of them put their claim on receivable money. Most of the cases they are not financially strong to fight the case in court but in daire need of the funds. Most of the cases on his death only they will come to know about the second marriage.
Finally, Sr.officers pursue them to arrive at reasonable terms amongst themselves and equally, or accordingly distributed the money claim. Tx.

[sameernargund]

Loan case me nomini ka role kya hota hai. Mr.A ek loan nikal aur kisi karan wash unki death ho gayi? Aur unke loan form me koi guarantor nahi mention kiya gaya hai. Lekin unke bank account me as nomini Mr B hai. To kya Mr B Loan ki kishte ya bakaya chukane ke jimmedar ban sakate hai kya?

[ganeshanand]

If simultaneous nominees are not legal heirs, then whether legal heirs are eligible for amount.

[TheNishant]

A aur B dono guzar jate hai to Nirmala Sitaraman ko pura paisa chala jaega.