Nomination

Prasad (Querist) 17 December 2015 This query is : Resolved
respected sirs

A person has deposited money in bank in 2011 and at time of deposit he made x as nominee, In year march 2014 he made a registered WILL and in that WILL he says all his deposits are to Y .person expired in Nov 2015

Who should receive money from bank

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Advocate. Arunagiri (Expert) 17 December 2015
Y has to produce the Will copy to the bank and can claim the deposits. X can not claim just because of the WILL.

Rajendra K Goyal (Expert) 17 December 2015
Bank would release deposit to nominee till any court order received otherwise.

Kumar Doab (Expert) 17 December 2015
Y may approach the bank with copy of the WILL.

Otherwise also nominee is just the hand to receive and a mere trustee.

RBI has issued guidelines:'Master Circular on Customer Services': and you may go thru section 19,20 and onward.

A. A. JOSE (Expert) 21 December 2015
Nominee has right to claim from the Bank and Bank will be discharged of its duty by making payment to the Nominee. However, Nominee is dutybound to hand over the money to the eligible legal heirs as per the Will/Succession Certificate.

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