Bank Deposits

Nomination

Account holders often receive requests from banks to make nominations, a process where they select individuals to receive the money in their accounts in case of their passing. This can be done either in the account opening form or on a separate form with the nominee's name and address. It's worth noting that nominations can be changed at any time, giving account holders the flexibility to update their choices as needed.

Related terms

Renewal of deposit

Understand the meaning and definition of Renewal of deposit in the context of stock market, trading, and investments.

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Interest payout

Understand the meaning and definition of Interest payout in the context of stock market, trading, and investments.

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Deposits

Understand the meaning and definition of Deposits in the context of stock market, trading, and investments.

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Taxable interest

Understand the meaning and definition of Taxable interest in the context of stock market, trading, and investments.

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FCNR

Understand the meaning and definition of FCNR in the context of stock market, trading, and investments.

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NRO

Understand the meaning and definition of NRO in the context of stock market, trading, and investments.

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