Bank Account : To deal with the ever-increasing unclaimed money in banks, the government is preparing to change the rules related to the banking sector. After the new change is approved, you will be able to give the name of four nominees while opening a bank account.
Bank Account Nominees: The banking sector of the country has been growing continuously in the last few years. The government’s focus is on reducing NPA and strengthening the financial position of banks. Decisions were taken by the Union Cabinet on Friday for some important changes related to the banking sector. In this regard, the information given by the cabinet said that the government has approved about 6 changes in the banking rules. The biggest change in this has been made regarding the nominee of the bank account. All account holders will be affected by the implementation of the new rule. In the information given by the cabinet, it was told that now up to four nominees can be made in any bank account.
The government’s aim is that customers should not be troubled
Apart from this, a new system of making ‘consecutive and simultaneous’ nominees will also be started. The purpose of these changes is to save the customer from any kind of trouble. Actually, recently it was known that there are thousands of crores of rupees in the accounts of different banks, for which there is no claimant. A special campaign was also run by RBI regarding this. But even that has not yielded satisfactory results. For this reason, preparations are being made to change the rules.
What is the rule now?
Now when you open a bank account, you have to enter the name of a nominee. Its purpose is to give the money deposited in the account to that person after your death. Right now you could write the name of only one person as nominee for this. But now after the approval given by the Union Cabinet, under the new rule, you will be able to make more than one person a nominee in your account. Apart from this, like insurance and Hindu Undivided Family (HUF) account, the facility of making continuous and simultaneous nominee will enable joint account holders and heirs to get money after the death of the account holder.
The Finance Minister had expressed concern
According to the news published in the Times of India, there can be more than one nominee in the Public Provident Fund operated by the Center. However, complete information about these rules will be clear only when Finance Minister Nirmala Sitharaman will present the bill in Parliament. Not much information was given about this by the government and the officials. A few months ago, Finance Minister Nirmala Sitharaman had raised concerns about the money deposited in bank accounts and other places, which no one claims.
