What is benefit of having a nominee for a bank account?



I am opening a new Savings Bank account with ICICI and I will have full access to an international Visa debit card/ATM plus internet banking. What is the benefit of having a nominee for the same? The account will usually have a low balance, unlikely to exceed Rs 50000.

What is benefit of having a nominee for a bank account?
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2 Replies to “What is benefit of having a nominee for a bank account?”

  1. In case something happens to you, the nominee nominated by you will get what ever balance is in your account. You have to give your nominee’s contact number and address. For all practical purposes your nominee will be the legal heir as far that particular bank account is concerned. Some banks have a blanket insurance cover for their customers. The insurance proceeds will also go to your nominee. The system ensures that your money goes to your loved ones without much hazel dazzle after you.






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