Nominee: You need to know a

You need to know a few important things to know before appointing a nominee in a bank. Know about the benefits, rules to select, and other details about the nominee . NOMINEE definition: 1. someone who has been nominated for something: 2. a person who is officially chosen for a…. Learn more. A nominee refers to an individual or entity designated by the account holder to inherit the account proceeds in case of an unexpected death. Understanding the nominee meaning plays a vital role in asset management, facilitating a hassle-free transfer of funds. Having a nominee in place provides peace of mind, knowing that your assets will be safe and passed on to the right person. Currently in India, one nominee may be appointed per bank account. Interestingly, demat accounts provide the ... A nominee is a trustee of assets and not the owner of the assets. A nominee gets the transfer of asset in her name but is bound to transfer the assets in favour of the legal heirs.