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Can I make a trust nominee for my bank account
02-Jul-2023 (In Banking / Finance Law)
I am single, unmarried, no plans to marry. No close relatives in touch. When I die, I want the balances and deposits in my bank account to a certain charity whose chief functionary has a certain designation. Am I allowed to mention the designation and the organization like 'Chief Functionary, Charity Name' as the nominee to my bank account ? I am aware of wills and their benefits, I am looking for an answer that applies to cases of absence of a will, whether the nomineeship mention is a right by itself.
Sir / Madam,
It is complex issue. These kinds of issues should be avoided at the earliest.
According to Section 45 ZA of Banking Regulation Act, 1949 and Rule 2(1), you can nominate 'only one' person to your deposit.
Bank Deposits are movable asset.In this case, Will is different from Bank nominee. If you nominate different persons on Will and Bank nominee form for the same deposit, still Bank nominee only has right to Your deposit( After your death). This is applicable even in case of death insurance from the bank(In case, you avail). Unfortunately you can not nominate Charity to your bank deposit. we need to discuss the way how deposit can be transferred to a charity ( after your death ).
It is complex issue. These kinds of issues should be avoided at the earliest.
According to Section 45 ZA of Banking Regulation Act, 1949 and Rule 2(1), you can nominate 'only one' person to your deposit.
Bank Deposits are movable asset.In this case, Will is different from Bank nominee. If you nominate different persons on Will and Bank nominee form for the same deposit, still Bank nominee only has right to Your deposit( After your death). This is applicable even in case of death insurance from the bank(In case, you avail). Unfortunately you can not nominate Charity to your bank deposit. we need to discuss the way how deposit can be transferred to a charity ( after your death ).
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