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India's BIGGEST Financial Myth: Your Nominee Isn't Your Owner! What You MUST Know for Bank Accounts, Mutual Funds & Insurance!

Personal Finance

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Published on 24th November 2025, 8:49 AM

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Author

Aditi Singh | Whalesbook News Team

Overview

In India, a nominee is only a custodian, not the rightful owner of your assets like bank accounts, mutual funds, or insurance. Supreme Court rulings confirm that legal heirs inherit wealth, and a valid Will always overrides any nomination. Misunderstanding this crucial distinction can lead to costly family disputes and extensive litigation. It is vital to align your nominations with your estate plan for true financial security and peace of mind.