Why should you nominate someone for your bank account, and how does it secure your savings? When an account holder passes away, the bank transfers the account's funds to the designated nominee after proper verification. Understanding nomineesNominees are individuals named to claim the account or FD balance in case of the account holder's demise. Joint accounts and nomineesIn the case of joint accounts, nominee selection requires consent from all account holders. Ensuring a nominee for your bank account provides financial security for your loved ones, simplifying fund transfers during challenging times.

Source: dna September 21, 2023 05:43 UTC