Glossary:


Term - N : Nomination Facility

Nomination Facility


Nomination Facility

Individuals who are depositor(s) in a bank may nominate one person to receive the deposit in the event of death of the depositor(s). Nomination facility will come into play only on the death of all the depositors in a joint account. Nominee need not be a legal heir and the bank is discharged by payments made to the nominee. The facility is also available for articles kept in safe custody or in safe deposit lockers.
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