Nomination Facility

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?

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.

• Nomination facility available for bank deposits, safe deposit lockers, safe custody articles.
• There can be only one Nominee for a deposit account whether held singly or jointly.
• There can be two nominees for a jointly held locker.
• 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.

Source:IBA