Is there any benefit of having nomination in sb a/c

Querist : Anonymous (Querist) 17 November 2011 This query is : Resolved
My late mother had a savings a/c in a private bank. She had nominated her younger daughter. We are 2 brothers and 2 sisters. Now when my nominee sister approached the bank to close the account and hand over the proceeds to her (being the nominee), bank is not doing so, but has asked her to fill up an affidavit and indemnity bond wherein all legal heirs need to give their consent.

If it is so, then what is the use of having nominee? The a/c balance is Rs 6000 only. Bank is cutting a huge inactive a/c charge every quarter. My brother is not approachable. What is the solution then?

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M.Sheik Mohammed Ali (Expert) 17 November 2011
if any one of the legal heirs claim bank account, but before get the legal heirs certificate from court then produced the bank they will automatically released.

ajay sethi (Expert) 17 November 2011
nominee is only a trustee for all legal heirs . bank will transfer funds to nominee on issue of indemnity bond as bank does not want to be saddled with claims at later stage .

send the form by post to your brother and take his signature