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Why do I need to add a Nominee to my account?

It is important to appoint a nomineefor all your assets so that the assets reach the right person in the unfortunate event of your death. The nominee you select must be a reliable person who can take care of the asset. Below are the rights of the nominee:

  • He has no right over your money unless specified under the will or if he/she inherits the money.
  • Nominee is a mere custodian.
  • He is the contact person for the account, in case the account holder is not reachable or in an event of the account holder’s death.
  • The nominee directs the court on how to go about the account in case of the account holder’s demise.
  • At the time of claiming for the deposit, the nominee will have to provide identification proof.
  • If the nominee is a minor, the guardian will sign on his/her behalf. We require the nominee’s and the guardian’s name, address and photograph.