Check the Nomination in your Bank Account?
"Nomination is a safeguard for family in case of unfortunate
death of account holder"
years back I lost my mother and that was the time when I actually
understood the importance of having proper nominations in all
accounts and investments be it savings account, PPF account or
Fixed Deposits or bank lockers or even the Mutual Funds or securities.
Lets do it now & check if all our nominations in order! The
nomination can be checked online and modified
if required. If you have not yet nominated any one in your accounts,
you can do it now online. Its a facility provided by
Banks to all account holders.
- Banks let you check the nomination & modify
it online in all your savings & deposit Accounts.
- For PPF Account you can only check the nomination online. But you can
not modify it online and if there is no nomination in your PPF then the
same can not be done online. You need to contact your Bank
Branch for nomination in PPF.
- In case of Joint Accounts too, modification &
creating nomination facility is not available online. You need to
contact your Bank Branch.
On request of a friend who was struggling to locate online nomintion
facility in his bank, I have described here the process to check
Nomination details in all your bank accounts ie. Savings Account, Fixed
Deposits, PPF & Recurring Deposits-
Here I have explained the
process through ICICI Bank
For Nominations in SBI Bank - Click Here
- log in to your Net Banking - Now look for the
Customer Service option at the top
- Refer following image to know where can you find
Customer Service option:
- Moving forward you will find the option to
view/update Nominations - Refer Following image
- Now you will be viewing your nomination status page.
- Here select the account and check/update the
- In case there is no nomination you can add it now.
Check the next image.
- In case of no nomination, add nominee option will be
- When you click on the add nominee option it will ask
you the details of nominee like Name, DOB, Address, your relationship
to nominee & mobile number of nominee.
- After updating all the required details of nominee,
an OTP will be received on your registered mobile number.
- Enter the OTP & submit, your nomination will be
updated. You will be seeing a confirmation of nomination being
processed on your screen.
- Take a print out of the Nomination for records &
file it with your important documents.
- I have seen cases where accounts were transferred
from a city to another and bank had not continued the nomination. The
legal heirs had to provide the original nomination documents to prove
their being the nominee.
- Though Nomination can be done in favor of any one but
to avoid future litigations its better to nominate somone from you
- As per law a nominee actually is just a trustee of
the money/assets for the legal heirs. In case of any legal dispute the
money/assets ultimately will belong to the legal heirs. So if a legal
heir himself is the nominee chances of dispute are reduced.
If you liked this article then do drop a message to Arpita at firstname.lastname@example.org
Some other important links:
For nominations in SBI Bank - Clcik Here
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