Five Things You Need to Know about Bank Account and Folio Nominations
1. A nomination enables a simple transmission of proceeds in an account or folio on the death of the sole or first holder.
2. A nominee can apply for access to the proceeds in an account or folio, by producing the death certificate and completing the KYC procedures.
3. When a dispute between heirs is not expected, nomination is a simple way to transfer wealth with minimal paper work.
4. Nominees hold the proceeds of the estate as trustees. Other heirs can seek their share under the succession laws, through court orders.
5. Nominations have to be made in prescribed formats and can be changed any number of times by the account or folio holders.
2. A nominee can apply for access to the proceeds in an account or folio, by producing the death certificate and completing the KYC procedures.
3. When a dispute between heirs is not expected, nomination is a simple way to transfer wealth with minimal paper work.
4. Nominees hold the proceeds of the estate as trustees. Other heirs can seek their share under the succession laws, through court orders.
5. Nominations have to be made in prescribed formats and can be changed any number of times by the account or folio holders.
Source:-The Economic Times
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