Nominee Entitled to Bank Deposits After Account Holder's Death, But Subject to Succession Laws: Allahabad High Court

In a recent judgment, the Allahabad High Court ruled in favor of the petitioner, Manoj Kumar Sharma, directing the Bank of Baroda to release the amounts from the Fixed Deposit Receipts (FDRs) of his deceased mother, who passed away in February 2020. The court held that as the nominee named in the FDR accounts, the petitioner was entitled to receive the funds under Section 45ZA of the Banking Regulation Act,…