Bank Account Holders: Due to everything being fine at present, we are often not very conscious about the problems that lie ahead. Keeping the future in mind, you should complete all the necessary information in the present itself. For example, have you ever wondered what will happen to your money after your death? Apart from this, there are many other questions whose answers you should know.
First of all, you should know whether there is a nominee in your bank account or not. Your savings will be passed on to your loved ones after death only if there is a nominee in the bank account. Let’s check the answers to many questions.
What happens to your money after death?
When an account holder dies, the bank transfers the account funds to the nominee after doing all the checks.
Who is a nominee?
Nominees are the persons nominated to claim the account or FD balance in case of death of the account holder. When opening a bank account or FD, you are asked to provide a nominee.
How to provide information about the nominee
While filling the account opening form, you will get a section to provide information about the nominee. You can choose a trustworthy person to whom you want to give your money. Be it a family member, spouse, child, sibling, friend or relative, it can be anyone.
Joint account and nominee person
In case of joint accounts, the consent of all the account holders is required to choose the nominee person. Similarly, for adding or removing a nominee in a joint account, consent will be required from all the deposit holders.
At the same time, the nominee can be changed at any time and there is no limit on the change. You can register it by going to the bank or online also.
