What is the benefit of nomination?
A. 16:Nomination is a facility that is provided for under banking rules in India. An account holder is permitted to nominate one person who will receive the money of his account after his life time. We strongly recommend that nomination be registered in respect of accounts in India in order to avoid legal hassles in settlement of balance later when the account holder is no more. Remember, each account requires separate nomination. Before your send the Nomination Form to the branch in India please ensure that it is witnessed by a friend, relative or colleague. This is important. Normally a `will’ would take care of your estate. However a will registered in USA may run into procedures while being enforced in India. Hence it is advisable to have nomination registered in respect of each of your accounts even if you have drawn a `will’ in USA. We recommend that you study the regulations concerning probate in both the US and India or that you seek legal advice before deciding on a course of
