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Care >> Nomination
Facility |
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Nomination Facility |
Have you signed Nomination Forms for your Bank Deposits?
If not, ask for Nomination Forms when you go back to your
bank next.
Why Nomination ?
Why Nomination?
Banking Companies
(Nomination) Rules 1985 permits banks to pay dues to
nominees in the event of death of depositor(s) without
asking for succession certificate or verifying claims
of legal heirs. This simplifies settlement. Of course,
as Trustee the nominee is accountable to legal heirs.
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Nomination
facility available for bank deposits, safe deposit
lockers, safe custody articles.
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There can be only one Nominee for a deposit account
whether held singly or jointly.
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There can be two nominees for a jointly held locker.
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A person legally empowered to operate a minor's account
can file a nomination on behalf of the minor.
For more details approach your bank.
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Thursday, August 28, 2008 |
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