Rajnish Kumar 12 November 2024
T. Kalaiselvan, Advocate (Advocate) 12 November 2024
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.
Dr. J C Vashista (Advocate ) 13 November 2024
Nominee is appointed for the purpose of safe-guarding interest of successors of account holder, who (nominee) is competent to withdraw the amount lying in the account.
P. Venu (Advocate) 14 November 2024
Yes, the nominee is a trustee to receive the funds deposited in the bank. He is under obligation to hand over the funds, less the expenses (if any), to the legalheirs.
Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 18 November 2024
Normally the bank will pay the amount to the nominee. Nomination is for the purpose of quick settlement of dues. But if before the actual payment another person or persons stakes claim on the basis of a will or as legal heirs, the bank will not pay until the dispute is settled to its satisfaction.