Nominee in Saving Account: It is very important to have the name of the nominee linked in the saving account. If you want to check the name of the nominee in your account, you can do this easily.
How to check and Nominee in Saving Account: With changing times, there have been major changes in the methods of banking in India. It is common for almost every person in the country to have a savings account. Whenever we go to the bank to open an account, we are asked to add a nominee in it. The bank encourages customers to make nomination from time to time so that if an account holder dies, it becomes easier to claim the money deposited in the account. Generally, banks give customers the option to add a nominee while opening both savings or FD accounts.
Who can be made nominee-
According to the information given on the website of DBS Bank, there is a facility to enter the name of only one nominee in the savings account. The nominee can be the spouse, child, brother, sister, mother, father etc. of the account holder. At the same time, a person can also make his other relatives or friends a nominee. Whereas in case of death of a minor person, the amount deposited in his savings account will be given to his parents. According to the rules of the Reserve Bank, customers can add nominee in their savings account as many times as per their need.
Why is it necessary to add nominee in savings account?
It is worth noting that as per RBI rules, it is not necessary to add a nominee in the savings account, but banks often encourage customers to do so. Many times customers do not add a nominee in the savings account and if he dies, then in such a situation he may have to face a lot of trouble in getting the amount deposited in the account. In such a situation, the heir of the person has to submit all the documents and claim the money. Due to this, unclaimed amount of more than Rs 35,000 crore is lying in different banks of the country.
How to check nominee’s name in savings account
Different banks have given the facility to the customers to check nominee in the savings account. First of all, you can easily check your nominee without any hassle by going to your branch. Apart from this, customers of HDFC Bank and ICICI Bank can also check the name of the nominee registered in their account through net banking. Apart from this, you can also update the name of the nominee through net banking. For this you will have to select Add/Modify Nominee option. After this, you can add the name of any person as a nominee as per your need.
