Nomination is the facility available to an account holder to name an individual to receive the proceeds of the account after his/her demise.
What are the feature of nomination?
- An account can have only one individual as nominee.
- It can be made in favour of a minor also.
- Nomination can be made for all types of accounts - Savings, Current, Demat, Recurring and Fixed Deposit.
- A nominee can be added by simply filling up a form and submitting it at any of our branches.
- Addition/modification/deletion of nomination can be made as many times as desired.
Always ask for an acknowledgement after the submission of the nomination form.
In the event of demise of the account holder, the bank shall hand over the proceeds from his/her account to the nominee with minimal documentation.