look news india
Having a bank account is a common thing. Some people open their salary account, some people open their savings account, but you must have noticed that when we fill the form, there is a nominee section in it. Then we have to give the name of the person to whom we want to give all our money.
But have you ever wondered why it is important to add the name of the nominee to the account? Otherwise today we will talk about this in detail.
If a person dies suddenly, who will be the owner of all the money deposited by that person in the bank? And who will get this money? The answer to this question is nominee. If the back holder has also opened a locker in the bank, then the nominee will get all the things present in his locker.
Nominee is given in the bank because this will save the family from getting entangled in lengthy legal process. Yes, money can get stuck without a nominee. As a result, the family will have to stand in long queues at banks and go through multiple procedures.
Most people nominate their close relatives like husband, wife, daughter or parents (their children). Whatever happens, the money is received safely. The claim will be valid only if a person brings the death certificate and identity card of the deceased holder. The bank transfers the remaining amount after necessary verification.
(Disclaimer: If you have any specific case, it is advisable to consult a legal expert (lawyer). The information given here is based on court judgments and articles only. If you want to know about any case, you can consult an appropriate lawyer.) (All images credit- CANVA)
