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Regarding Fixed Deposit in Bank


26-Aug-2024 (In Recovery Law)
We both are 68 and pensioners. Should we open Fixed Deposit in single or joint name with nomination? Please guide. After death of one, another should not face problems in getting money,
Answers (1)

Answer #1
903 votes
The ideal situation is to keep it in joint name and name cross nominees in the said FD account, this shall enable either of you to release the FD at anytime. Moreover also important to make a Will and keep so as to create an additional enabler for the survivor. A directive also required to bequeath the said monies to someone. Also check up banking rules with scheduled and cooperative banks for disbursement and succession rules which shouldn’t create any hurdles.
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