Who is beneficiary in bank account

A beneficiary in a bank account is an individual or entity designated to receive funds. In the Indian banking context, this typically refers to:

• Transfer Recipient: A person or business added to your account to facilitate money transfers through services like UPI, IMPS, NEFT, or RTGS.
• Nominee: A person legally authorized to claim and receive the balance in the bank account following the death of the account holder, helping to avoid complex legal proceedings for the survivors.