check/update Nomination in your Bank Account?
Recently a friend of mine was struggling to prove herself as the legal
heir in her husbands deposits. She lost her husband in an unfortunate
accident. Along with mental trauma another challange was claiming money
from single holder accounts of her husband. Things were easy where
nominations were in place but in some accounts there was no nomination.
And that was really like a neverending struggle of handling emotions
and streamlining everything.
So Do complete your Nominations. Proper Nomination in all deposit
accounts simplifies the process of
settling claims for family on death of the account holder.
You can check the status of nomination online and change it
if required. If you have not yet nominated any one in your accounts,
you can do it now online.
SBI Bank lets 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.
Go to Request & Enquiries section at top blue
Click on Request & Enquiries/ click on More
Refer following image to know where can you find it:
Moving forward you will find the option online
Nominations - Refer Following image
Moving further you will
be viewing all your accounts.
Here select an account.
Click on inquire Nomination at top. Refer the image below-
Here as you can see you
also have the option to register or cancel the nominee.
Check it & update it
for all your accounts.
For PPF Accounts online
registration or modification of nominee is not there. You need to
contact your Bank Branch for your PPF nominee registration.
Take a print out of the Nomination for records &
file it with your documents.
There are cases
where accounts were transferred
from a city to another and bank had not continued the nomination. The
family had to provide the original nomination documents to prove
their being the nominee.
Nomination can be
done in favor of any one but mostly during nomination relationship with
nominee is required to be declared. If somone from immediate family is
a nominee, chances of future disputes are reduced to a great a extent.
Most Important - 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 will be reduced.