What is beneficiary name in bank account

A beneficiary name in a bank account refers to the specific individual or entity designated to receive funds during a transaction or upon the account holder's death. In digital payments like IMPS, NEFT, or RTGS, it is the name of the person or business receiving the money. Key details include:

• For transfers, it ensures the money reaches the correct recipient.
• As a nominee, it allows a person to claim the account balance after the holder passes away, typically bypassing lengthy legal hurdles.
• The beneficiary can be a family member, friend, or legal entity.