How to add a nominee to your SBI savings account, fixed deposits (FD)

How to add a nominee to your SBI savings account, fixed deposits (FD)

Finance Minister Nirmala Sitharaman has urged banks and capital market institutions to ensure that all accounts have a nomination in order to address concerns about increased unclaimed deposits and investments due to death of account holder, according to a Times of India (ToI) news report.

There are thousands of crores of unclaimed money in our country’s banks. These are accounts where the bank holder put money and then died, leaving the money with the bank because no nominee was filed against his account/investment.

What is nomination

Nomination facility is mandatory for all deposit accounts. Nomination refers to the procedure of naming a beneficiary to receive the proceeds of investments or assets. Nominee is an individual who will receive the benefit.

How to add or register a nominee in SBI Via Net Banking

Step 1: Visit using credential.
2: Under Menu, select the ‘Request & Enquiries’ tab.
Step 3: Click on the ‘Online Nomination’ button.
Step 4: Select the account (FD, savings) to which you wish to add a new nominee and click the next button.
Step 5: Enter the nominee’s details such as name, date of birth, address, and relationship to the account holder.
Step 6: Submit the information.
Step 7: Enter the high-security password OTP sent to your registered mobile number.
Step 8: Confirm the addition of the new nominee by clicking the ‘Confirm’ tab.

How to register nominee through YONO app

Step 1: Login to YONO app
Step 2: click on Services & Request
Step 3: Click on Account Nominee
Step 4: Click on Manage Nominee
Step 5: Select account number from drop down-
Step 6: Fill the nominee details and submit.

How to register nominee by visit the bank branch

Visit the bank branch, download the form, and fill the details and submit to home branch.

What if you don’t want to add nominee

According to the SBI website, “In case depositor(s) do(es) not wish to make nomination, the same should be recorded on the account opening form by the depositor(s) with their full signature.

Minor nominee

A nomination can also be made in favour of a minor. The natural guardian will receive the sum on behalf of the minor during the period in which the minor does not attain majority.
When can nominee collect the amount
Only after the depositor’s death in the case of a single account or the deaths of all depositors in the case of joint accounts does the nominee have the right to collect payment from the bank.

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Author: Shirley