A Fixed Deposit (FD) is one of the safest investment options, offering guaranteed returns and minimal risk. Many individuals rely on FDs not only to grow their wealth but also to ensure financial security for their loved ones.
However, if the account holder passes away before the FD matures, the process of claiming the funds depends on the account type and nomination details. Knowing these rules in advance ensures that your family can access the funds smoothly, without unnecessary delays.
You can safeguard your savings with a Bajaj Finance FD, which offers competitive interest rates, flexible tenures, and easy nomination options for your peace of mind.
Holding patterns and nominees in an FD
When opening an FD, you can choose to do it individually or jointly. Each holding pattern has its own set of rules:
Either or survivor: Only two holders can open this type. The institution acts on instructions from either holder, and in case of death, the survivor retains access.
Anyone or survivor: More than two individuals can hold this FD, and instructions from any holder are valid.
Former or survivor: The primary holder operates the FD; the secondary holder gains rights only after their passing.
Latter or survivor: The secondary holder manages the FD, while the primary holder steps in only if they pass away.
Joint: All account holders must sign for any transaction.
Jointly or survivor: Works like “Joint,” but in the event of one holder’s death, the survivor can continue.
Nominee: The nominee has the authority to claim the deposit and accrued interest if the FD holder passes away.
With Bajaj Finance FD, you can easily add a nominee and choose the account type that best fits your needs, ensuring your money reaches your family without complications. Check FD rates.
