Forex Card Rates
- A nomination is simply a way to appoint someone (the nominee) to receive the money from your Bank Account (or related deposits) in case of your death. This nominee acts like a caretaker for your legal heirs, ensuring that the transfer of account balances or assets is done quickly and in accordance with the law.
- Is Nomination Mandatory?
Having a nominee for your Bank Account is not mandatory, but it is recommended to have one. Appointing a nominee ensures that in unforeseen circumstances, your account balance or deposits can be transferred without any hassle to your family or legal heirs.