Nomination in banks

>>> You have mentioned the a/c is jointly held (3 joint holders) Demat a/c in Bank.

You may go thru the mandate of nomination signed by joint holders.

Otherwise;

In case of a joint deposit account, the nominee‘s right arises only after the death of all the depositors.

Also note that;

Nomination facility does not take away the rights of legal heirs on the estate of the deceased. Whatever the nominee would be receiving from the bank, he will hold it as a trustee of the legal heirs.

The rules to this effect are maintained on Bank’s website, and are to be displayed in branch and BM can also provide a printed version.

>>> IN case of demat a/c;

On the death of a joint holder of a demat account, the surviving holder or holders become entitled to the securities. This process requires an application in a prescribed format, along with supporting documents, as evidence for the death of the holder.

The claimants have to submit the application to the depository participant with whom the demat account with the deceased was held. The key document that needs to be submitted while requesting the transfer is thetransmission request form (TRF). This requires information about the demat account from which the transfer is to be made, the details of the securities to be transferred, and the new demat account into which the securities have to be transferred.

Joint survivor: In this case, the TRF has to be signed by all joint holders for transfer of securities to their demat accounts. Securities can also be transferred to an existing demat account of the joint surviving holders, provided the order of holding matches their new holding status.

Nominee power: A nominee is entitled to receive the securities in his favour only in the case of death of all the joint holders. The right of a joint holder to the securities held in the account precedes that of a nominee.

I agree with the opinion expressed by Mr. Kumar Doab on thee subject issue.  Thus, unlike other bank account nomination, the nomination of one holder no doubt is held valid  but as Mr. Kumar Doab opined, the nominee is entitled to receive the securities in his favor only in the case of death of all the joint holders. The right of a joint holder to the securities held in the account precedes that of a nominee.