• Nominee for bank locker

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
Asked 8 months ago in Civil Law from Chennai, Tamil Nadu
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
T Kalaiselvan
Advocate, Vellore
15220 Answers
138 Consultations
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 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.
Ashish Davessar
Advocate, Jaipur
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472 Consultations
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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.
Ajay N S
Advocate, Ernakulam
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19 Consultations
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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 
Ajay Sethi
Advocate, Mumbai
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1320 Consultations
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It is possible, read the terms and conditions of bank in which you are planining to open a locker or have locker.
Nadeem Qureshi
Advocate, New Delhi
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137 Consultations
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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 
Ajay Sethi
Advocate, Mumbai
24623 Answers
1320 Consultations
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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.
T Kalaiselvan
Advocate, Vellore
15220 Answers
138 Consultations
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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
Nadeem Qureshi
Advocate, New Delhi
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137 Consultations
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Then the next friend of the minor (who could be any relative or even a stranger) can file a suit for injunction against him.
Ashish Davessar
Advocate, Jaipur
18828 Answers
472 Consultations
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So better the depositor made will and describe the items kept in the locker  .
Ajay N S
Advocate, Ernakulam
1943 Answers
19 Consultations
5.0 on 5.0

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