Bank Account Without Nominee Claim: Anyone gets lost while opening a bank account or demat account or any account for investment. So the option to add nominee definitely comes in that process. The nominee is, in a way, the heir. Meaning entitled to your thing after you. If something happens to you in case of bank accounts. In case of any accident or anything else, the money in your account is given to the nominee. However, adding a nominee is not mandatory.
That is why many people do not add nominees to their accounts. However, it is not right to do so. If you add a nominee. So after that your money will reach the right person. If you do not add a nominee, then to whom will the amount be given? You may have to get into legal trouble regarding this matter. Let us tell you that if a nominee is not added to an account after death. Then who gets the money and what is the process for it?
Who will get the money if there is no nominee?
If no nominee is added to the account of any account holder. And that account holder dies. So in such a situation the money deposited in that account. Will be handed over to the legal heir of that account holder. If the account holder is married, then in such a case his wife, his children and parents are his legal heirs. If the account holder is not married then his parents and siblings can claim his money.
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How will the money be claimed?
Generally, if a nominee is linked to the account. So after the death of the account holder, the nominee has to provide some documents. And the money is transferred to him. But if there is no nominee, then who is the successor? He has to make a claim. Some documents are also required for this. These include death certificate of the deceased, photo of the legal heir, KYC, Letter of Disclaimer Annexure-A, Letter of Indemnity Annexure-C.
Why is it necessary to add nominee?
If there is no nominee in any account. Then after the death of the account holder, a dispute may arise regarding the legal heirs of the account. And it may take a lot of time to prove it and may also cost a lot of money. Insurance companies may also find it difficult to pay claims. Because they do not know who is the legal heir. Therefore, it is better to add a nominee to the account. The family remains safe from difficulties in future.