FD rule changes: Multiple nominees to be allowed for fixed deposits soon? Check proposed modifications

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Times of India 5h ago

FD rule changes: Multiple nominees to be allowed for fixed deposits soon? Check proposed modifications - Times of India

Quick Summary:

FD nomination changes: Parliament is considering legislation to allow multiple nominees for fixed deposits, aiming to simplify inheritance for families.

The proposed changes would permit up to four nominees with specified shares.

The securities market has established procedures allowing nominees to contact asset management companies, which then communicate with other intermediaries using the deceased investor's permanent account number (PAN)."For banks there could be identifiers other than the PAN.