Nishi Harishchandra Tripathi, a Mumbai-based woman and a fan of Dutt's films, died aged 62 in January.
Last month, the bank informed Dutt that Tripathi had made him the receiver of her money and valuables.
Dutt told the bank that he was "deeply overwhelmed by the gesture of the fan" but waived his right to her money.
One of Bollywood's most bankable stars, Dutt has appeared in more than 100 films.
The star's lawyer Subhash Jadhav told the BBC that Dutt was surprised when the bank informed him that Tripathi had made him the nominee of her savings and safe deposit locker valuables.
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He said they had "no idea of the worth" of her savings, as the bank had provided no such information.
"We are overwhelmed and deeply humbled by the gesture of the fan. I am not personally acquainted with her and never met her. So I waive my rights as a nominee of the account and the [safe deposit] locker," Dutt was quoted as telling the bank by Mr Jadhav.
Mr Jadhav said they had communicated to the bank that they will "adhere to any legal proceedings necessary to transfer the money and valuables back to the [Tripathi's] family".
The Mumbai Mirror newspaper reported that Tripathi died from a terminal illness and was survived by her 80-year-old mother and three siblings. The family lived in an apartment in an upmarket neighbourhood in Mumbai.
Source: bbc
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