Rahul Oturkar
I need your help to understand to whom the society should pay the fixed deposit amount in case below:
A man nominates his minor granddaughter to his fixed deposit account. He does not write a guardians name who can act on behalf of the minor. The man expires.
Can this fixed deposit money be paid to the father of minor nominee as there is no mention of any guardian who can act on behalf of nominee?
I C Naik
It should be deposited in to Minor’s Bank account with father or mother or both as guardian and amount to be drawn against an affidavit that it will be for the benefit of minor prior to the date the minor attains majority.