Due to the large number of accounts opened without a nominee, today Rs 78,000 crore is lying idle in the banks of the country, but no one comes to claim it. With the implementation of the new rule, four nominees can be made in any bank account.
More information about this will be revealed only after the bill is presented in the Parliament. In the Union Cabinet meeting held last Friday, the government has approved some major changes in the banking rules. The biggest change in this is regarding the nominee of the bank account. With the implementation of the new rule, four nominees can be made in any bank account. More information about this will be revealed only after the bill is presented in the Parliament.
Only some time back, RBI had made it compulsory to fill in the name of the nominee while opening an account. Before that, accounts could be opened without a nominee as filling this column in the form was optional. Due to the large number of accounts opened without a nominee, today Rs 78,000 crore is lying unclaimed in the banks of the country, but no one comes to claim it.
The purpose of these changes is to save the customer from any kind of trouble. Recently it was learnt that there are thousands of crores of rupees in the accounts of different banks for which there are no claimants. A special campaign was also run by the RBI regarding this. Since its results were not satisfactory, preparations are being made to change the rules.
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The current rule
Currently, when you open a bank account, you have to enter the name of a nominee. Its purpose is to give the money deposited in the account to that person after your death. Currently, you could write the name of only one person as nominee for this, but now after the approval given by the Union Cabinet, under the new rule, you will be able to make more than one person a nominee in your account. Apart from this, like insurance and Hindu Undivided Family account, the facility of making continuous and simultaneous nominees will enable joint account holders and heirs to get the money after the death of the account holder.
Facility will also be available in PPF
It will also be possible to appoint more than one nominee in the Public Provident Fund account i.e. PPF. RBI had ordered mutual funds and other financial companies to return the unclaimed amount to their rightful owners, but despite this, by the end of March 2024, such amount has increased to more than Rs 78,000 crore.
Banks have tried to settle claims of such amounts several times. Apart from this, there is also a plan to make changes in the law so that if someone has share bonus or bond money lying unclaimed, then it can be transferred to the Investor Education Protection Fund. Currently, only shares of banks are transferred to this fund.
What will be the benefit
Although having one nominee is sufficient, but sometimes situations get complicated. For example, a husband has made his wife or the wife has made only her husband as nominee. If both of them die in an accident while travelling by car or bike, then there will be no one to claim. In such a case, all their money will remain unclaimed. If there is more than one nominee, then the amount will not remain unclaimed.
There are two ways of nomination
1. Serial enrollment
In this, there are different nominees in sequence such as the first nominee is A and the second is B. In this case, A has the first right to claim, because he is the primary nominee. If in any case the primary nominee also does not claim, then the second nominee in sequence can claim the amount. In this, it is necessary for the nominee to be present while taking the funds.
2. Enrollment of multiple persons
This method allows multiple individuals to be nominated at the same time. Each nominee can claim his or her share of the amount. This is important for joint account holders or when an account holder divides funds among multiple people.
