Accountancy, asked by sudheernaik629, 10 months ago

Dear sir /madam you have not availed nomination fatality for your syndicate bank please visit your branch updation of nominee details what is it mean​

Answers

Answered by agrippa
0

Nominee

Explanation:

  • The bank often ask the account holders to appoint a nominee while opening saving accounts with them.
  • A nominee is a person to whom the money lying in the persons account will go in case of his/her death. Nominee can be mentioned while opening the account. It can also be done by filling a separate from  by filling the address and name of the nominee.
  • It is helpful because if the account holder dies the bank pays the money lying in his account to the nominee without asking for a court order, letter of administration or succession certificate.
  • In the question the bank is asking you to visit their branch and update the nominee details.

Learn More:

Types of bank accounts

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