Legal Question in Banking Law in India

I have Savings Account in a bank and some Fixed Deposits. Regarding the nominee for these, I approached the bank management to keep the nominee in the name of some charitable organisation as I dont want to keep in the name of my relatives or friends. But they refused saying that the nominee has to be a person, not on any organisation or institution.

what should i do in these circumstances. I want to secure my funds to be transferred safely for a public good after my demise.


Asked on 12/24/09, 9:24 pm

2 Answers from Attorneys
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Yes the bank authorities are restricted by the rules of itself.You may create a trust and may write a WILL as per your wishes and deposit the WILL after getting registered in the bank or a with a person whom you trust,so that after your demise the entire funds of yours would be transferred to the trust or for any beneficiary organisation legally.For this you have to follow some simple procedures.

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Answered on 12/25/09, 12:44 am
J. Radhakrishnan independent Practice

In terms of nomination rules only one person can be nominated and not an artificial person. Execute a will and hand it over to the trust.

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Answered on 12/27/09, 6:49 pm


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