BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Nomination facility
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Nomination facility with the permission of Bank Chairman
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Nomination facility by taking special permission from bank
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Nomination facility on the day of closing
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Detailed explanation-1: -FAQs. Can a nominee get a fixed deposit? Yes. Nominee gets the fixed deposit amount in absence of the account holder.
Detailed explanation-2: -Nomination facility is available for all deposit accounts, articles in safe custody and safe deposit vaults.
Detailed explanation-3: -It isn’t mandatory but it’s always advisable to update the nominee on all your accounts including Term / Fixed, Savings and the overall value you keep / invest with the bank. If a nomination is in place, the bank would simply pay-off the amount lying in deceased’s account to the nominated person.
Detailed explanation-4: -Either or survivor option In the event of the death of the first account holder, the second holder gets the FD amount. However, in the event of the death of the second holder, you can delete their name from the FD and add another nominee.