Govt Introduces Banking Law (Amendment) Bill To Allow 4 Nominees In Savings Bank Accounts, Lockers
The proposed amendment in the banking law will allow bank accountholders and lockers to nominate up to four nominees for their holdings.
The proposed amendment in the banking law will allow bank accountholders and lockers to nominate up to four nominees for their holdings.
Adding riders like accidental death, disability benefit, premium waiver, etc., will enhance the coverage and provide additional benefits to beneficiaries in case of a major setback to the policyholder.
Sometimes, people are confused between nominees and legal heirs, and they have misconceptions that the nominee is someone who will inherit the investment after their death. However, the legal heir and nominee are separate entities in the eyes of the law.
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