Always remember to put a nominee on your bank accounts.
First of all, who is a nominee?
Nominee is a person who would be responsible for handling the funds post the account holders demise.
Placing a nominee on a bank account allows for the easy and convenient transfer of funds to the rightful owners.
How many nominees can be there?
Nominees could be multiple. It means there an be multiple persons nominated on a bank account. In that case, the account holder is supposed to required to mention the proportion of funds to be distributed among them.
Nominee may or may not be the legal heirs. They are the people who are authorized by the account holders to receive the funds.
The name of nominee can be put on the passbook if the account holder wishes. The passbook will show the name of the nominee right on the first page of the passbook.
Can we change the nominees?
Nominee can be changed at any point of time. The account holder has the liberty to modify or change the nominee/s.
