Importance of nomination for safe deposit lockers | Fusion - WeRIndia

Nomination in any asset class is basically having a person of your choice be the nominee to assets such as FD and locker in case of death.

As much as we do not like, life can be very uncertain. This means that having a nominee is a good thing to do.

Many people with bank accounts often avail the option of safe deposit locker in the bank.

This locker can store important files or valuables like gold. Having the nomination option will let the bank make settlements regarding the deposits made by the deceased.

Nomination is as simple as filling a form and submitting it the branch. The nominee can then use a proper identification like Election card, PAN card, etc. to gain access to the locker after the verification of proof of death of locker hirer.

If there is no nomination, then the legal heir of the deceased can gain access to the locker after proper proof of ID.

In case of a joint account, the nominee will be able to access the locker and remove contents jointly with the other locker hirer.

If there is no nomination for joint account, the legal heir can access the locker with the other locker hirer.

Image by Reimund Bertrams from Pixabay (Free for commercial use)

Image Reference: https://pixabay.com/fr/illustrations/coffre-fort-vo%C3%BBte-porte-en-acier-913452/