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.

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.