Nomination is something very important when it comes to the maintenance of an account. If you want to know more about the nomination and how it works, don’t worry, we have got you covered here in this article.
Nomination in an account is a means for the settlement of your account when you pass away. Instead of executing wills for the disposal of assets, the nomination is the easiest way of transferring your asset to the person you want to deliver with less documentation and without legal implications.
Nomination is covered under Section 45ZA of the Banking Regulation Act, 1949. Whereas the nomination of Safe Deposit Locker falls under Section 45ZE of the Banking Regulation Act.
How To Add Nominee In Bank Account?
Adding nominees to your bank account is quite simple. If you have not done yet, here’s what you need to do.
|1||Go to your bank and let the bank staff enquire about your nomination in the account.|
|2||If not done, they will advise you to obtain a simple nomination form to fill out.|
|3||Get the nomination form and fill up the required details. you may have to write the name of the nominee along with the address and percentage of owning the asset.|
|4||When filling up is done, submit it to the concerned staff. Your account nomination will be done.|
For the nomination of an account, you may add multiple nominees. In the application form, you will get the option to mention multiple entries.
You can also nominate your account through online banking if you have the bank’s Internet banking facility. To do that, here’s what you need to do.
|1||login to the bank’s internet banking.|
|2||Go to the service request.|
|3||Under the menu, you may find the options for nomination.|
|4||Click on it and provide details accordingly.|
|5||The format will be the same as the manual nomination form. Fill up and submit, and your nomination of account will be done instantly.|
The nomination of Safe Deposit Locker is quite different from the normal account nomination. Most of the features are the same, the only difference is that you cannot make multiple nominees. Moreover, if the account/locker is in a joint name, the nomination is limited. You cannot nominate in a joint account with the survivorship clause.
This clause may be ‘Either Or Survivor’, ‘Former Or Survivor’ or ‘Later Or Survivor’. You can nominate when the account/locker is without a survivorship clause that is account operant jointly.
Here nomination will be done jointly by all the account/locker holders to only one person.
How To Check Nominee In Bank Account?
If you are not sure whether you have given a nomination at the time of account opening or not. No worries, you can check it. Here’s how to do it.
|1||One is to go to your bank and let them check it for you.|
|2||Second, you can check if you have internet banking. Under the service request menu, you may be able to see not only nomination inquiries you can also add a nominee to your bank account.|
Nomination in a bank account is one of the necessities that you do with your bank account. It will smoothen the deceased asset disposal without even executing a will. With a nominee in place, one may not worry about the family members anymore.
When you have multiple individuals with whom you want to share your assets, you can set multiple nominees in your bank account with a percentage allotment to each person. However, locker nominations may have different scenarios.
For hiring a locker in a bank, either you choose for joint operation with a survivorship clause or nominate the person you want to. It would serve the purpose.
Either go to the bank for it or use Internet banking to register the nominees. It is possible to do it either way.