Utility News: Why is it necessary to make a nominee? If you know then you will never leave the form blank column.


You must have opened a bank account or taken an insurance policy, then you are asked about your nominee and asked to fill his details. It is also important that you give the information of your nominee, if you do not do this then you may face problems. So let us know about it.

Why it is important to make a nominee 

If you die due to any reason after making a bank account, policy or investment, then your money goes to the nominee. If there is no nominee then it is difficult to withdraw money from the account. Also, if the account holder has not nominated any person as a nominee, then the heirs may have to go through the legal process to claim the money. In such a situation, your money can also sink. 

Whom can you make a nominee 

If you are choosing a nominee while investing, while opening a bank account, then you can make anyone in your relation a nominee. Nominee means the person on whom the account holder trusts. You can make parents, spouse, children as nominees.