💨 Abstract

The article explains the difference between nominees and legal heirs in the context of investments, particularly fixed deposits (FDs) such as those offered by Shriram Finance. A nominee is a designated beneficiary who receives the investment funds upon the account holder's death, while a legal heir is someone entitled to inherit a deceased person's assets according to succession laws or a will.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖