It is very important to make a nominee for the bank account
It is very important to appoint a nominee for a bank account, demat account or any other financial account. You must have also noticed that when you went to open an account in a bank, the bank employee would have asked you to appoint a nominee. The nominee’s name, relation with the account holder, age, address etc. are taken into account in the bank account. First of all, we will know why it is so important to appoint a nominee for bank accounts, after this we will also know that if a nominee has not been appointed for a person’s bank account, then who will be given the money deposited in his account after his death?
In case of death of the account holder, the deposited money is given to the nominee
If an account holder dies, then all the money deposited in his account is given to the nominee made by him. If a person has made more than one nominee, then equal amount is given to all those nominees. Many banks are also providing such facility, in which you can make more than one nominee and can also mention how much share is to be given to which person after your death.
Understand the importance of nominee with an example
For example, Arvind has made his wife, mother and sister nominees for his bank account. If Arvind dies due to any reason, then all the money deposited in his bank account will be divided equally among his wife, mother and sister. On the other hand, Karan has also made 3 people nominees for his bank account. But while making the nominees, Karan has mentioned that after his death, 50 percent of the money deposited in his account should be given to his wife and 25-25 percent to his mother and sister. In such a situation, if Karan dies, then 50 percent of all the money deposited in his account will go to his wife, while 25-25 percent will be given to his mother and sister.
If there is no nominee then who will get the money deposited in the account
If a person has not made any person a nominee for his bank account, then after his death all the money deposited in his account will be given to his legal heir. The legal heirs of a married person are his wife, children and parents. If the deceased account holder is unmarried, then his parents, siblings can claim as his legal heirs. Let us tell you that in case of not making a nominee, a lot of paperwork is involved.
how to get money
If an account holder dies and he has not made a nominee for his bank account, then all the money deposited in his account will be given to his legal heir. For this, the legal heir will have to go to the bank branch with some important documents. The documents required include death certificate of the deceased account holder, photo of the legal heir, KYC, Letter of Disclaimer Annexure-A, Letter of Indemnity Annexure-C.
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