what is the legal status of any nominee i may appoint in respect of my bank account and other investments?



i am opening a bank account and the bank suggested me to nominate somebody in respect of my bank account. does it serve any purpose? what would be my rights and duties in respect of the accounts where i have been made a nominee?

what is the legal status of any nominee i may appoint in respect of my bank account and other investments?
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3 Replies to “what is the legal status of any nominee i may appoint in respect of my bank account and other investments?”


  1. Its always good to have nominee , no matter what ur age is , because say you have 20,000 Rs in ur account , and unfortunately some thing goes wrong in an say road side accident , if there is no nominee ur hard earned 20,000 rs will surely be eaten up by bank , but if there is nominee then he/she will get the money by showing his/her identity card. So long you are alive , nominee has no power , no role to play , more over you can always change the nominee as many times as you want without informing the person that you have decided to change the nominee. Hope this clarifies every thing for you. Just go for it.


  2. In any bank account Nominee is a must but his legal status is like a Trustee he can not be owner until he proves with his succession or heir ship certificate.





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