Reserve Bank of India (RBI) has issued a new guideline for bank code NBFC in which it has been told that it is very important to take care of some things related to the nominee. It has been said that nomination will be mandatory for all fixed deposits, savings accounts and lockers.
Trouble starts after the death of the depositor
RBI has suggested that all old and new customers should complete the nomination process on their accounts. What is further to be said is that after the death of the depositor, his family members have to face a lot of difficulties to get the money. It has been said that a large number of accounts have not been nominated which is a matter of concern.
A circular in this regard has been issued by RBI to all the banks. Nomination status will have to be reviewed by the Customer Service Committee (CSC) or the Board of Directors. Let us tell you that a nominee is a person who gets the money deposited in the account after the death of the depositor.
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