
Sb 55 Form
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People also ask
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Is nominee mandatory for current account?
Select a trusted person as the nominee of your bank account. You can appoint your legal heir as the nominee to simplify the process, but it is not mandatory.
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Is KYC mandatory for post office account?
You have both the options available with you. Either you can open account through e- KYC or Non-E-KYC. In case of Non-eKYC account opening customer needs to submit his/her proof of identity and proof of address.
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Is nominee mandatory for post office account?
If there is no nomination and deposit value at the date of death is above Rs. 5 Lakh , claim can be settled only through Succession Certificate.
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Is nomination mandatory for post office savings account?
If there is no nomination and deposit value at the date of death is above Rs. 5 Lakh , claim can be settled only through Succession Certificate.
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What happens to a post office savings account after death?
If one of the depositors dies, the joint account shall, as from the date of death of such depositor, be deemed to be a single account in the name of the surviving depositors. If they are already having a joint account in their names in the same Post Office Savings Bank, one of the two accounts shall be closed.
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What are the rules for post office savings account?
(i) Account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000. (ii) A maximum of Rs. 9 lakh can be deposited in a single account and 15 lakh in Joint account. (iii) In a joint account, all the joint holders shall have equal share in investment.
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