No matter what kind of account we open, there is an option to add a nominee to all of them. If something happens to you, then in that case your nominee gets your property or money. However, adding a nominee is not mandatory.

That is why many people do not add nominees to their accounts. But if something happens to the account holder in such a situation, then who will get the money after his death? We are going to tell you about this.

Who gets the money if there is no nominee?

If the account holder does not add a nominee, then on his death the money will be handed over to the legal heir of that account holder. For example, if the account holder is married, then his wife and children will be his legal heirs. On the other hand, if he is not married, then his parents and siblings will have the right to the money.

How to claim

If a nominee is added, then the nominee has to submit some documents, and the money is transferred to his account. But if there is no nominee, then the heir needs some documents to claim. These include a death certificate, photo of legal heir, KYC, letter of disclaimer Annexure-A, letter of indemnity Annexure-C, etc.

Why is it necessary to add a nominee?

If there is no nominee in an account, then a dispute may arise regarding the legal heirs of the account holder. A lot of money and time is also needed to prove this. Insurance companies may also have difficulty in giving the claim. Therefore, it is right to add a nominee.