By KYC is a mandatory requirement for bank savings accounts, PPF, and various investment accounts. Additionally, it is imperative for all account holders to designate a nominee. Failing to include a nominee’s name may pose future challenges. In the event of the account holder’s demise for any reason, the funds will be directed to the nominee. Omitting the nominee may complicate the claims process.
KYC is obligatory for bank savings accounts, PPF, and other investment accounts. In conjunction, nominating a beneficiary is a compulsory step. Neglecting to name a nominee could result in future complications. In the unfortunate event of the account holder’s death, the designated nominee will receive the funds. Failure to include a nominee may impede the claims process. Many individuals hold EPF accounts. Watch this video to understand who the true beneficiaries of an EPF account are.
