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FOUR NOMINEES FOR BANK ACCOUNTS A RADICAL MOVE

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August 12, 2024

THE Banking Laws (Amendment) Bill, 2024, tabled in Parliament last week, has several provisions offering flexibility and uniformity to banks for carrying out their day-to-day operations.

Perhaps the most pathbreaking among them is the one which allows bank account holders to have up to four nominees. These nominees could be either successive or simultaneous. Successive nomination means having multiple nominees in a particular order. If the first nominee is not available for claiming the funds, then the second nominee will be called. Simultaneous nomination means multiple nominations with deposits divided into pre-defined proportions. In case of the simultaneous nominees, the account holder must explicitly mention the proportion of deposits in percentage in favour of each nominee. The nominations must be made for the whole amount. In case of de

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यह कहानी The Morning Standard के August 12, 2024 संस्करण से ली गई है।

हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।

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