Can we have 2 nominee in bank account?

Nomination can be done in favour of one person only. However, nomination in favour of more than one person (i.e. up to 2 persons) is permissible in jointly operated locker accounts with common consent. Nomination can be made, cancelled or varied by the account holder anytime during his/her life time.

Can bank nominee be challenged?

A challenge can certainly be mounted if there are good grounds. A lot would depend if there is a will or a succession certificate. In any case a nominee can only receive the money but he/ she is not entitled to keep the amount. The legal heirs will receive the assets/ estate as per succession laws.

Do I need a nominee to open a bank account?

In fact, today, most banks insist on a nominee at the time of opening the account. 2. A nomination facility is only available for accounts opened in an individual capacity (single or joint accounts or sole proprietorship accounts). They are not available for a representative account.

Why is it important to have a nomination in your bank?

While it is not a pleasant situation to think about, to ensure your family’s safety, security and stability, it is very important to have a nomination in your bank account, be it a savings account, fixed deposit or recurring deposit.

What happens if there is a nominee in my account?

If there is a nominee the bank will simply transfer the funds to the nominee/s account without insisting on a court order, succession certificate or letter of administration. Here are a few points to keep in mind when it comes to nomination:

What is a nominee in an Axis Bank Savings Account?

A nominee is a ‘trustee’ of the funds of the account holder. He/she is a custodian of the funds until the legal heir can legally claim them. Axis Bank savings accounts are designed to meet the banking needs of people from all walks of life. Each Savings Account offers unique features such as a high transaction limit, free cheque books, etc.