What is the difference between primary and contingency nominee?

What is the difference between primary and contingency nominee?

In the abnormal circumstances where the primary nominee passes away prior to the Account Owner, the remaining portion may be payable proportionately to any surviving primary nominee. In the event that there isn't a surviving primary nominee, the contingent nominee will receive the assets pursuant to the allocation identified. In the event a contingent nominee passes away prior to the Account Owner, then the contingent nominee share will be divided proportionately among the surviving contingent nominees.

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    • How do I add a nominee for my account?

      Log in to your account, Navigate to the"Account Settings"section and Choose"Nominee"from the options on the page. Click on the tab "Add Nominee[s]". Fill out the following details under Primary nominee: Name:Enter the full name of the nominee ...

    • How would Stockal transfer the holdings and cash balance to the nominee?

      In the unfortunate case of the demise of the account holder, the nominee(s) added by the holder on the "Account Settings" page gets ownership of the user's portfolio (holdings and cash balance). Our broker partner will transfer the securities to the ...

    • Where can I view the details of the nominee, once added?

      Once the Nominee information has been added, You can navigate to the "Account Settings". Click on "Nominee" from the options on the screen. The details of both the primary nominee& the contingent nominee would be visible with the Allotment Percentage ...

    • What happens on the demise of the primary nominees?

      In the abnormal circumstances where the primary nominee passes away prior to the Account Owner, the remaining portion will be payable proportionately to any surviving primary nominee. In the event that there isn't a surviving primary nominee, the ...

    • Can I nominate my family member?

      Yes, you can add a member of your family as a nominee to your account. You can navigate to the dropdown available next to your initials and click on "Account Settings", scroll to the Nominee page and fill in the details.