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  • Category: Miscellaneous

    It is necessary to update nomination in bank accounts without postponing

    Recently a women in our area expired suddenly. She got savings account in some banks but without nominating anybody though she have one son and two daughters, who are living in the same city but separately. After the final rites were over the children of that lady found the passbook etc. in her table and on approaching for remedy with the death certificate of that lady, they got panic as there is no nomination in her accounts. The bankers as per their procedures asked legal heir certificate etc., Though the lady have no property etc., except such bank accounts they run here and there for fetching legal heir certificate.
    By seeing this I came to a decision to make all my bank accounts with nomination by clearly mentioning the relationship etc.,
    Once clear nomination is there we can get the residues without much difficulty except by proving the nominee's identity.
  • #746505
    Nominating somebody as a nominee is very important. This will facilitate the person who will be here to receive the proceedings easily from the financial institutes. The nominee has to produce personal identification certifications to prove his identity. Even though there are many legal heirs, only the person or person who is or are nominated as nominee only will have the right to receive that money.
    These days almost all banks are asking for nominee nominations and in some cases, they made it compulsory. In our insurance policies, FDs, Savings accounts and other financial instruments also are having this nomination facility and it is always wise to make use of that facility. If we are not nominating any persons, all legal heirs have to come to an understanding and then proceed. Otherwise, banks will not release the money anticipating problems with others.

    drrao
    always confident

  • #746509
    It is imperative that we nominate some person or the other as the beneficiary in case our death happens and even the banks are asking for nomination details at the time of opening the new account itself and even at the time of changing the present address or updating the new phone number. When my friend father died, no one cared to look after him, but the old made provisions for his death expenses and thereafter ceremonies which works out to two lakhs and he had the same in fixed deposit. Unfortunately the old person son never turned to bank to nominate himself and thus has to prove through the legal heir certificate to establish his relation with father and the bank released the amount to his son. And those who have property and bank balance through regular rents being added to that account nomination is must.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease


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