Bank Account Nominee: Whenever you go to open an account in a bank, you are asked to add a nominee. Whether it is a savings account or a joint account or a current or demat account, it is necessary to add a nominee. For this, the name, age, relation with the account holder and address of the person whom you want to make a nominee has to be given so that in case of any situation the account holder dies, the money deposited in the account can be transferred to the nominee.
Know who gets the money
People can make more than one nominee if they wish. In this case, the money is distributed equally among all. Not only this, many banks also provide a facility in which you can tell how much share to give to which nominee. Now the question is who can you make a nominee? If the account holder is married, then the legal heirs are his wife, children and parents and if the account holder is not married, then his parents and siblings can claim the deposited amount as heirs, but for this one has to go through paperwork.
How to get money
1. If there is no nominee in the bank account, then after the death of the account holder, his death certificate will have to be submitted in the bank.
2. Along with this, it is also necessary to submit the heir certificate or succession certificate for the legal heir in the bank so that the bank can ensure that the money reaches the right person.
3. Other documents required include passport size photograph of legal heir, KYC, Letter of Disclaimer Annexure-A, Letter of Indemnity Annexure-C, Residential Proof.
4. After this the bank checks the legal documents and if needed can ask for a succession certificate from the court.
5. After all the formalities are completed the bank pays the money to the nominee.