POSTED BY May 30, 2013 9:19 am ONE COMMENTON
I hold 2 Demat A/cs with Yes Bank-1)Myself and my wife & 2)My wife and myself.My wife passed away recently.Hence I need to delete her name from the 2 Demat A/cs.My queries:
1) When my wife’s name is deleted,I will have 2 Demat A/cs in my name(singly) with the same DP,viz.Yes Bank.Am I allowed to hold 2 Demat A/cs with the same DP?If not,then I would have to merge the 2 Demat A/cs after the deletion of my wife’s name.Would this(the merging of the 2 A/cs standing in my single name) have any I.T. implications?
2) The 2 A/cs have different Nominees.If I have to necessarily merge the 2 A/cs,guess have to submit fresh Nomination choosing one of the Nominees as the beneficiary.Please confirm.
3) Once my wife’s name is deleted from the 2 A/cs,do I have to inform separately each of the Companies where I have invested?Or would it be updated in the Companies’ records automatically?
4) In the 2nd A/c where my wife is the 1st Holder,currently her Bank A/c is linked.I guess I would have to change the Bank A/c to mine.What’s the procedure for this?
5) Since the Demat A/cs would now be in my single name,in case of an eventuality will my daughter(the Nominee) have any difficulty in transferring the holdings to her name?What has my daughter to do to realise the value of the investments(basically in bond/debt issues of Companies)?How does it work?
These are some of the issues which come up in my mind immediately.Would be obliged for any help/clarifications offered.Thanks for your time.