Nom­i­na­tion Clause

Consumer Voice - - Nominee For Your Bank Deposit Account -

All banks are re­quired to have a nom­i­na­tion clause in all ac­count-open­ing forms. As per the clause, an ac­coun­tholder has to nom­i­nate a third per­son known to him to re­ceive the funds in the ac­count(s) in case of the de­pos­i­tor’s demise. As per the clause, the ac­coun­tholder/de­pos­i­tor needs to have a nom­i­na­tion for the fol­low­ing ac­counts: • Sav­ings/Sole pro­pri­etor­ship ac­counts • De­posit ac­counts (fixed de­posits) • Safe de­posit lock­ers (safe cus­tody of ar­ti­cles

can­not have nom­i­na­tion)

Le­gal As­pects

I. Bank­ing Reg­u­la­tion Act, 1949:

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