Nomination Bank, Nominee & Nomination

Bank Nominee & Nomination:

A bank nominee is an individual or entity designated to act on behalf of an account holder in the event of their death. The nominee’s role typically involves facilitating the transfer of assets held in the account to the designated beneficiaries.

This designation helps ensure a smoother transfer of funds and can be done by filling out a nomination form provided by the bank.

The nominee does not have ownership rights over the assets but rather serves as a custodian to ensure they are transferred to the intended recipients according to the account holder’s wishes.