The Nominee. One line that saves a family months.
Front
The Nominee
One line that saves a family months
The person an institution may hand your holdings to when you die.
Back
Every bank account, insurance policy, mutual fund, and provident fund account has a nomination field. Filled in, the institution can release the money quickly. Left blank, the family has to obtain a succession certificate from a court, which takes months and costs money. It is one line on a form, and most people never fill it.
- A nominee is a receiver, not an owner. The money still belongs to the legal heirs, and a will is what decides who those heirs are.
- Check the nominations on every account in your household. They quietly go out of date after a marriage, a birth, or a death.
RBI nomination guidelines
Keep exploring
Because you read The Nominee.
The Will
Silence has a default, and it may not be yours
The document deciding who gets what, once you cannot say so yourself.
The PAN
Ten characters that follow your money
The permanent number tying every financial record to one person.
KYC
Why every account asks the same things
The identity check an institution must run before it holds your money.