Nominees right with respect to fixed deposits

The Role of the Nominee is very limited.  The Nominee will only be able to release the balance in the account of the deceased.  Thereafter, the nominee will hold the money in trust for the real beneficiaries (i.e. legal heirs).  The Nominee has to distribute the money to the legal heirs in equal share under acknowledgement.  Nominee cannot use the money for his own benefits.  Similarly, nominee cannot give the money to anybody other than the beneficiaries (i.e. legal heirs of the deceased).  HOWEVER, if the account holder creates a WILL in favour of anybody then the Nominee should hand over the money released from the bank to the beneficiary under the WILL under acknowledgement. The nominee should insist that the WILL be got probated through a Court of Law, before releasing the money under acknowledgement.

 

Nominee will receive amount in all scenario.

If other legal heir wants to claim there share they need to approach court.

In case of death of nominee legal heir will get money.

But isn't it possible for a Nominee, to give a surrender letter to the bank about these deposits and ask the legal hair to go to the bank and claim the deposit money themselves to the bank on the basis of the will they have?
on the basis of nominees surrender letter and the will, can Bank pass on the deposit money to the legal hair?

So, I feel there is no requirement that Nominee should get credited this deposit money in his own account first and then distribute it to the legal hair, am I right?

Bank will release FD funds to nominee only.  If the nominee is also the beneficiary then, he can keep the money himself.

If some one else is beneficiary, then nominee will have to hand over the money to that beneficiary. In case of  Will, the beneficiary will have to get the Will probated in the court in order for the Will to become unchallangeable.

After probate of Wlll, beneficiary can demand the FD funds from nominee,.. If nominee refuses to give money to beneficary, then beneficiary will have to file a civil suit to collect the money from beneficiary.

In case nominee surrenders his right to collect the FD funds in writing to the bank, the bank will keep the money until beneficiary gets a court order to get the FD funds released to him.

1).What is the procedure for a nominee to prove himself as a legal beneficiary of deposit money? 2).If a Nominee doesn't know that whether any other legal heir or legal beneficiary exist or not if there is 'proper will' been executed by deceased person before his death or not? In such case ,in which way a nominee should proceed further ?

Simple visit concern branch with your address and ID proof rest bank will take care.