Answer

1. F

   Facts

   A nominee in bank accounts, mutual funds, and demat accounts is not the owner after death, they hold the assets in trust for the legal heirs until distribution. However, for insurance policies and EPF, the nominee IS the absolute owner (special statutes override succession law).

2. P

   Provisions and law

   • Companies Act 2013, Sec 72 | Banking Companies Nomination Rules 1985
3. A

   Analysis

   This distinction matters: if you nominate your son for your FD but your Will says 50% to your daughter, your daughter must sue your son to get her share. The bank will give everything to the nominee, they have no obligation to check the Will.

4. C

   Conclusion

   1. 1Life insurance, nominee is absolute owner (Insurance Act Sec 38/39)
   2. 2EPF/PF, nominee on Form 2 gets everything (EPF Act overrides succession)
   3. 3SCSS, PPF, NSC, nominee gets the deposit
   4. 4Bank FD/savings accounts
   5. 5Demat accounts (shares)
   6. 6Mutual fund units

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.