Nominee mandatory for bank accounts

Kakinada: “It is mandatory for every person to provide nominee’s name while opening a bank account as well as for the fixed deposits in banks,” said noted advocate, Yanamala Ramam.

He participated as the chief guest at the Legal Awareness Camp organized by the district Legal Services Authority at Indira Colony, Ramanayya Peta here on Friday.

Speaking on this occasion, Ramam said that upon the death of an account holder, the amount left behind in the account would belong to the nominee.

He further informed that if any bank customer failed to specify nominee for the amount, legal heirs would inherit the deposited money post the demise of the account holder. “If the account holder disappears without any trace for seven or more years, the legal heirs would have to approach the court for the amount deposited in that particular person’s account,” he added.

Ramam further informed that if any bank customer falls sick, they can withdraw the funds from their account by with either their signature, thumb impression or with a cheque leaf before the bank officials.

Adabala Ratna Prasad, Nimmakayala Venkateswara Rao, Relangi Bapi Raju and the residents of the Indira Colony were seen at the event.