The Nomination Facility in Mutual Funds

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ARUN SHINDE, Consultant, India
🔥NEW While opening an investment account with mutual funds, the fund houses normally request investors to fill out a nomination form and attach nominees to the account. Though nomination is optional, investors should use this facility to avoid a engthy and sometimes expensive & cumbersome procedure to be followed by their legal heirs in the event of investor's death. Nomination facility is available only to individual account holders. But when the account is held by more than one person jointly, the joint account holders may together nominate a person in whom all the rights in the account shall vest in the event of death of all the joint investors. Nominees don't have any rights on the investments until any of the investor is alive. Advantages of Registering a Nomination Nomination is a simpler and inexpensive way to make things easy for one's near and dear ones to claim the money from a mutual fund account expeditiously, through minimal paper work in case of the investor's death. In s (...) Read more? Sign up for free 13-11-2020

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