Legal Question in Banking Law in India

Re: Want to keep nominee in the name of a Charity

Hello.

You may execute a will specifying the saving bank account in favour of RK Math Hyd and similarly for lockers as well.

So after your death they will go to the charity and not to your other legal heirs.

In case of need please contact personally alongwith the details.

Re: Want to keep nominee in the name of a Charity

you may write a will wherein you may bequeath the proceeds of saving bank account in favour of RK Math, Hyderabad and similarly for the contents of locker in favour of xyz charity. Both the instructions per your will come into operation after your death and not go to your other legal heirs.

Vishwa Arya

Re: Want to keep nominee in the name of a Charity

Opinion of Vishwa Arya, Esq. is appropriate.

Re: Want to keep nominee in the name of a Charity

It is not possible to nominate anybody other than an individual as per the Banking Regulation Act. You can have the present nominee cancelled and include the name of the head of the Ramakrishna Math, Hyderabad. For locker nomination also the same procedure has to be followed. If your present nominee is a person of you trust, the best thing is to execute a will,have it registered with the registrar of assurances, naming the nominee as the executor and the will and mentioning that the deposit and contents of the specific locker shall vest in the Charity to whom you want to bequeath the same and deliver the will to the charity. If the present nominee cannot be trusted best thing is to remove his name from the nomination by signing the form intended for cancellation and nominating the head of the charity by name in the nomination after executing a will that the nominee is to take the deposit and contents of the locker for the charity or Math he is heading.

Re: Want to keep nominee in the name of a Charity

You can make provision by making a Will.

Re: Want to keep nominee in the name of a Charity

You should follow and respct the Bank Rules.