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What happens to a joint bank fixed deposit with a nominee when the primary holder dies?
Wiki User
∙ 12y ago
the fd has to be terminated and principl amount returned to nominee or joint holder without any deductions
Wiki User
∙ 12y ago
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Is there a need for a nominee?
A nominee is a next of kin for an OPC. A nominee becomes the shareholder in case of death / incapacity for the original share holder. A nominee has to be a resident Indian citizen.
What happens to checking account when owner dies?
The amount would be settled to the nominee. If the account holder has not filled in the nomination details then the money would go to the legal heir.
Dispute on life insurance beneficiary?
In the event of eventuality of the policy holder, the beneficiary is the nominee to get the death benefit amount. When the nominee is a minor, the appointee will act on behalf of the nominee till he/she attains adulthood to be eligible to get benefit amount. When both the policy holder and nominee die, the life insurance company will pay to the legal heir, duly certified by the Honorable Court.
What does beneficiary to a bank account mean?
A beneficiary is the person to whom the proceeds of a bank account would be paid if the primary account holder of that bank account dies. They can also be termed the nominee for a bank account. This is very important for cases wherein the account holder does not have a legal will stating to whom his account proceeds should go. In such cases the bank would choose the nominee or beneficiary and pay them the account proceeds.
Can the primary account holder remove the name of the secondary holder?
Pay off the balance and close the account. Then reopen a new account with only the primary holder.
What is a Primary Account Holder?
Primary account holder is the person on whose name the bank account is created in the first place. Ex: Assuming you have a bank account and then once you get married you would include your spouse as a joint account holder. you will be the primary account holder and your spouse would be the secondary holder.
Why should one appoint a nominee?
One should appoint a nominee in case if the policy holder dies during hospitalization in non-network hospital, his/her nominee can process a claim and entitled to get reimbursement from the insurer. So it is strongly advised to appoint a nominee at the time of buying health insurance.
What is difference between primary and secondary card holder?
The major difference is that the Primary Account holder is responsible for all the amounts due on both the Primary Card and the Secondary Card.
Who is an account holder?
Anyone that has been added to a deposit account or savings accounts
Can you deposit your cheque in to your parents account?
It depends: a. Yes - If you are joint holder of the account along with your parents then you can deposit it into that account b. No - If you are not a joint holder of the account along with your parents, then you cannot deposit it into that account. A check can be deposited only into an account that is held by the person on whose name the check is issued.
What is the difference between a primary credit card holder and a secondary holder CV Code?
hey
What is a secured mastercard?
A "secured" credit card is one for which the holder has made a deposit, usually in the amount of the credit limit on the card. This insures that the issuing bank is not out any money if the holder defaults; they just keep the security deposit in that case.
