Nominee vs heir: Bank nomination doesn't decide inheritance

When you name someone as a nominee for your bank account, it doesn't mean they automatically own it after you pass away.

The nominee is just a custodian who can help with the paperwork.

The actual ownership goes to the legal heirs as per the law or your Will.

Banks can give the money to the nominee, but the nominee should share it with all legal heirs.

It's important to choose a trusted nominee and keep your Will and nominations updated to avoid family disputes.

The Reserve Bank of India has rules to make this process smoother.