New nomination rule: Is it mandatory to name a nominee for your deposit account? - Nomination facility in banks

Banks will now have to expressly advise customers about the nomination facility when opening a deposit account. According to the new laws, when opening an account, banks must explicitly explain the purpose and benefits of the nomination service. This includes emphasising how having a nominee streamlines the claim process in the terrible case of the accountholder's death, and how it allows for the smooth transfer of cash to the nominee without legal delays. Nomination facility in banks