A Depositer appointed other person as nominee in his bank deposit which is duly registered with bank but he is not depositer legal heir.The depositer passed away and registered nominee submitted claim for settlement of lying deposit in bank , Meantime legal heir also lodged a court case to settlement of deposit by bank to be done in his favour.
kindly guide who has legal rights over deposit which is lying with bank as per law.
the nominee in a bank account cannot claim the entire deposit amount without disbursing to legal heirs of the deceased depositor
The nominee is responsible for safeguarding the funds until a legal heir claims them. If no legal heir claims the money, the nominee can keep it.
Legal heirs are entitled to the inheritance, not nominees
If a claimant produces legal representation, the bank is legally bound to pay the persons mentioned in the legal representation.
A nominee is a person authorised to receive the deposit amount when the depositor has passed away. The nomination is done to avoid the complicated process of claiming the deposit by all the legal heirs. The bank is absolved of its responsibility once payment is made to the nominee.
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