Is a nomination facility available in respect to NRI Bank accounts in India?
Yes, the Nomination facility was introduced in 1985. You can nominate a single person in case of your bank accounts and fixed deposits. You can also appoint a minor person as your nominee however, you will have to appoint a major person to receive the money on behalf of the minor nominee. Nomination can be altered, cancelled, amended during the lifetime of the deposit/bank account with the consent of all the account holders/depositors. Nomination facility also can be availed for Safe Deposit Lockers, hired by you in any Indian bank. Q6) How do I avoid or guard against Exchange risk attendant to my deposits? A) No Problem! you can avail the facility of booking a forward cover to hedge your FCNR / NRE deposits including interest payable on them, subject to:- • The value & the maturity date of the forward contract should not exceed the value & maturity date of the deposits which are being covered by forward contract. • The cost of hedge should be paid out of repatriable funds or inward re
