Any minor can be made nominee but a guardian to the minor to be appointed for the minor nominee at the time of making this nomination.
This will safely take care of the nomination to the locker and the contents in it
Is it possible to make minor( daughter/son) as nominee for bank locker so that only they can be able to access it after the age of 18 Incase of my deadth
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Any minor can be made nominee but a guardian to the minor to be appointed for the minor nominee at the time of making this nomination.
This will safely take care of the nomination to the locker and the contents in it
There can be nomination in favour of a minor. However, if your nominee is a minor, then you will have to appoint a person to receive the money on behalf of the minor in case the account holder dies while the nominee is still a minor. In case of death of the person who has nominated a minor and the minor has become a major, the minor who has meanwhile become major can claim the money from the bank himself.
In the matter of allowing the nominee(s) to have access to the locker and permitting him/them to remove the contents of the locker, the Reserve Bank of India, in pursuance of sections 45ZC(3) and 45ZE (4), read with section 56, of the Banking Regulation Act, 1949, has specified the Formats for Banking Regulation Act, 1949.
Section 45ZE, read with section 56, of the Banking Regulation Act, 1949, does not preclude a minor from being a nominee for obtaining delivery of the contents of a locker. However, the responsibility of the banks in such cases is to ensure that when the contents of a locker are sought to be removed on behalf of the minor nominee, the articles are handed over to a person who, in law, is competent to receive the articles on behalf of the minor.
The nominee holds the contents of the locker in his capacity as a trustee on behalf of the legal heirs of the deceased locker holder.So You will have to appoint a person to receive the contents on behalf of the minor in case you dies while the nominee is still a minor.
Section 45ZA(2)(Banking Regulation Act) merely put the nominee in the shoes of the depositor after his death and clothes him with the exclusive right to receive the money lying in the account or contents of the bank locker But it by no stretch of imagination make the nominee the owner of the money lying in the accounts or the contents of the locker
It is possible, read the terms and conditions of bank in which you are planining to open a locker or have locker.
After the depositor deadth ... If the appointed person for the minor nominee misuse or utilise the things kept in the locker for his own purpose ?
Depositor shoukd execute will bequeathing contents of locker to his daughter
2) the list of jewellery should be mentioned in the will along with the weight
3) if appointed person misuses the contents daughter on attaining majority can sue the person
The depositor cannot ensure the safety of his deposits after his death even if he is securing everything legally.
A fraudster can play fraud in all the circumstances.
If you dont believe the guardian to be faithful then look for a genuine guardian, and the guardian may not be related too.
You cannot impose any such condition while nominating someone to your property especially when the nominee is a minor by age other than obliging by the rules in vogue.
the appointed person can not used the minor's property for his own use and the person will do then he/she may be prosecuted for the offence of cheating and fraud and all the transactions will be void without the permission of the court.
the welfare of the minor will be paramount consideration in the eyes of law
feel free to call
Then the next friend of the minor (who could be any relative or even a stranger) can file a suit for injunction against him.