Savings Account: In case of death of the account holder, the bank gives all the money deposited in his account to the person whom the account holder has made the nominee. The account holder can make any person the nominee for his account. If you want, you can make your wife, son, daughter, mother, father, brother, sister anyone as the nominee for your bank account.
Savings Account: In today’s time, it is very important for every person to have at least one bank account. Without a bank account, you cannot do any of your financial work. Apart from this, it is very important to have a bank account to take advantage of many government schemes. Along with this, we also need a bank account to keep our hard-earned money safe. But, death is an inevitable truth, from which no creature can escape. Here we will know who will get all the money deposited in the bank account if a person dies.
It is very important to provide nominee details while opening a bank account
It is very important to provide nominee details while opening a bank account. Old customers who did not provide nominee details while opening the account, now all banks are taking nominee details from them. Actually, in case of death of the account holder, the bank gives all the money deposited in his account to the person whom the account holder has made the nominee. The account holder can make any person a nominee for his account. If you want, you can make your wife, son, daughter, mother, father, brother, sister anyone a nominee for your bank account. If you have made your wife a nominee, then in case of your death all the money deposited in your account will be given to your wife.
What will happen if there is no nominee
If a person has not made a nominee for his bank account, then all the money deposited in his account will be given to his legal heir. If a person is not married, then all the money deposited in his account will be given to his parents. If a person is married, then all the money in his account will be given to his wife. In cases where the deceased account holder has small children, then in those cases also all the money deposited in the account is given to his wife. If the children are adults, then all the money can be given to the wife with their consent. However, for accounts without nomination, a lot of paperwork has to be done and it is quite complicated.
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