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What are LEG formalities?

April 26, 2017formalities leg

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What are LEG formalities?

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Ans.: The NRI nominee has to submit an application in form LEG along with death certificate.This compliance requires only if, the deceased account holder should have been an NRI at the time of his death and the nominee also continues to be an NRI at the time of filing the claim. Further, the nominee has to give suitable declaration duly signed and witnessed by all the legal heirs of the deceased NRI.On completion of these formalities, the Bank will credit the amount of deposits to the nominee’s NRE / FCNR account or repatriate it abroad as per his instruction.The case not conforming to the above needs approval of RBI. 28.