NBFIs asked to pay deposit to nominee after depositor’s death

Staff Correspondent | Published: 23:37, Jun 12,2017 | Updated: 00:12, Jun 13,2017

 
 

Bangladesh Bank on Monday asked the non-bank financial institutions to pay the deposit of a depositor to his/her designated nominee after the death of the depositor.
A single or joint nominee will be allowed to get the deposit fund from the NBFIs after the death of a single or joint depositor, according to a Bangladesh Bank circular.
The central bank has recently issued the same directive to the banks.
If the nominee is not adult, a depositor will have to select an alternative person who will receive the fund after his/her demise, the BB said.
Depositors will be able to change their nominees, if required.
A BB official told New Age on Monday that there was no clear provision in the Financial Institution Act 1993 regarding the role of a nominee.

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