If a person passes away without adding a nominee to their bank account, the family can still claim the money but it requires completing a formal process. To do this, the legal heir must provide identity documents like PAN and Aadhaar, along with supporting legal papers such as a legal heir certificate or, if the amount is above Rs 5 lakh, a succession certificate issued by a court.

Once these documents are submitted and verified, the bank will transfer the account or funds to the rightful heir’s name. This process is known as transmission, and it ensures that the deceased person’s money is safely handed over to the correct family member.

How Property Ownership Is Transferred After a Person’s Death

When your father passes away, the ownership of any immovable property he held does not automatically transfer to the nominee. The transfer (also called mutation) is carried out according to laws such as the Transfer of Property Act, 1882, the Registration Act, and the Maharashtra Stamp Act, 1958.

It’s important to note that nomination does not mean ownership. A nominee is only a caretaker of the property until the legal heirs are identified. For properties in housing societies in Maharashtra, the Maharashtra Cooperative Societies Act, 2019 ensures that a share certificate is issued in the flat owner’s name — in this case, your father. This share certificate will be required when transferring the property to the legal heir(s).

Nominee Is Not the Owner 

After the property owner passes away, the nominee’s name may appear on the share certificate as per the Securities Contract Regulation Act, 1956. However, this does not make the nominee the legal owner. A nominee’s role is only to manage and safeguard the property until the rightful legal heirs are determined.

So, if your father was the sole and self-acquired owner of the flat in Mumbai and left no will, the property will be distributed according to the applicable succession laws. This means the legal heirs (such as spouse, children, or parents) will inherit the property, not the nominee.

How Legal Heirs Can Transfer the Property

In the case of a Hindu family, the Hindu Succession Act decides who the legal heirs are. The heirs must apply to the court to get a Letter of Administration (LoA), which officially authorizes them to manage and inherit the property.

Once the LoA is issued, the heirs need to prepare and register a Transfer Deed at the sub-registrar’s office. After this, the mutation process is carried out to update the ownership details in government revenue records.

Finally, the same Transfer Deed should be submitted to the housing society so that the share certificate can be updated with the names of the rightful heirs. This step completes the legal transfer and gives the heirs formal recognition as the new owners.