Last updated: January 02, 2025

These Terms and Conditions ("Agreement") are set forth to govern the nomination of a nominee for the purpose of money transfer from an account in the event of the account holder's demise. By nominating a beneficiary, the account holder agrees to the following terms:

1. Nominee Eligibility

The nominee should be a legal individual, either a family member or a trusted person, who is capable of receiving the money from the account in case of the account holder's demise. The nominee must be at least 18 years of age at the time of nomination. In the case of a minor nominee (under the age of 18), the account holder must designate a guardian (who is at least 18 years old) to manage the nominee's share until they reach adulthood.

2. Age Limit for Nominee

Minimum Age for Nominee: 18 years

In case the nominee is below the age of 18, the account holder must designate an appointed guardian who will take responsibility for managing the account transfer until the nominee reaches the age of 18.

Maximum Age for Nominee: No maximum age limit is generally imposed unless stipulated by specific financial institutions or types of accounts. However, financial institutions may reserve the right to impose restrictions based on policies regarding elderly persons.

3. Nominee Designation

The account holder has the right to nominate an individual or individuals to inherit the account balance in the event of death.

The nominee(s) must be clearly named along with their relationship to the account holder, date of birth, and address.

The nomination must be signed by the account holder and, in some cases, witnessed by a third party (e.g., bank representative or notary).

4. Changes in Nominee

The account holder has the right to change or revoke the nominee at any time, by submitting a new nomination form.

The financial institution may require proof of identity and relationship for any changes to the nominee.

5. Disbursement to Nominee

Upon the death of the account holder, the nominated individual shall receive the balance funds after the completion of due verification and necessary legal formalities as per the institution’s guidelines. In the case of a minor nominee, the guardian will manage the funds until the nominee reaches the legal age of majority (18 years), at which point the funds will be transferred to the nominee.

6. Legal Formalities

The nominee is required to present a copy of the account holder's death certificate, valid ID proof of the nominee, and any other documents required by the financial institution. The financial institution may require additional documents, including proof of relationship and identity verification, before releasing the funds to the nominee.

7. Limitation of Liability

The financial institution shall not be liable for any issues arising due to incorrect nomination details or failure of the nominee to provide necessary documentation.

The institution is not responsible for verifying the authenticity or legality of the relationship between the nominee and the account holder.

8. Disputes

In case of disputes related to the nomination, the financial institution will resolve such matters in accordance with applicable laws and internal policies.

In the event that the nominee is not available or refuses to claim the account balance, the funds will be transferred to the legal heirs or as per a court order.

9. Confidentiality

The financial institution will maintain the confidentiality of all details provided by the account holder and the nominee during the nomination process.

10. Governing Law

This Agreement is governed by and construed in accordance with the laws of [Your Country/State], and any disputes arising hereunder shall be resolved in the courts of [Your City/State].

Acceptance

By signing below, the account holder acknowledges and agrees to the Terms and Conditions set forth in this Agreement.

Account Holder:

Name: [Your Full Name]

Signature: _________________________

Date: ____________________________

Nominee:

Name: [Nominee's Full Name]

Signature: _________________________

Date: ____________________________