A nominee can only receive the funds from an account on death of the account holder and the death of all account holders in case of joint accounts. In most cases, a nominee is a legal heir of the account holder. However, it might not be the same in all cases. Axis Bank savings accounts are designed to meet the banking needs of people from all walks of life.
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You will need a host of documents, including death and succession certificates and sometimes, even a court order. The funds that belong to the deceased will be held by the bank until they get the requisite documents and the entire process can take weeks before you get the money.
However, if you had been listed as a nominee, either when the account was being opened or later, the process is far quicker because the bank can release the funds to the nominee with far less paperwork.
It is important to know that it is not only accounts or deposits that can be held by the bank when someone dies unexpectedly, but also bank lockers. The reason I want to emphasize this is because most Indian women use the bank locker to store their jewellery and gold, and there might be a need for those valuables during these times of crises. It is additionally important to have a nominee for your bank locker if you live in a joint family set up or are newly married.
Rupee Rani is a weekly column on finance for women. Hence the nomination has to be a well thought out action and not a random one. You should try to nominate the same person s whom you would like to bequeath your assets to in your Will. In other words, your nominations should be aligned with the Will. There could be 4 scenarios in real life: Scenario 1 - There is a Will left by the deceased but no nominations in the assets.
In this case, the heirs have to make claim on the financial institutions as per the Will. The financial institutions are little cautious in transferring the assets and would want you to prove that Will is genuine. Some may also ask for probate of the Will. They will also take more time to process to ensure that there are no other claimants coming up.
Scenario 2 - There are nominations in the assets but no Will. In this case, the financial institutions will transfer the assets to the nominee s on submission of documents like death certificate and discharge themselves from their liabilities. However, any legal heir who is not a nominee or his share in the assets is not adequate can go to the courts and it will be binding on the nominee to transfer the share of other legal heirs as per court order. This could be a long drawn process and lead to lot of acrimony in the family relationships.
It also involves lot of monetary outgo in terms of fees to authorities and legal expenses to lawyers. The whole process takes years to get completed. Scenario 4 - There is a Will and there are nominations aligned to the Will.
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