Nomination for Bank Deposit Accounts,Locker Account and Safe Custody Accounts :
Salient features:
- Nomination facilitates the Banks to pay the dues/ deliver the articles of the deceased depositor to nominees.
- Nominee not required to submit succession certificate /or legal heir certificate.
- Nomination is solely for the purpose of simplifying the procedure for settlement of claims of deceased depositor.
- Nomination does not take away the rights of legal heirs.
- The Right of successors / legal heirs prevails over Nominee & Joint Account Holder.
- Nomination facility is available to accountholders operating :
- current accounts.
- savings bank accounts .
- term deposit accounts.
- safe deposit lockers.
- safe custody of articles.
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- The Banking Laws (Amendment) Bill, 2024
allows the appointment of up to four nominees for these purposes.
- For deposits, such nominees can be appointed either successively or simultaneously
- while for other purposes they can be appointed successively.
- In case of simultaneous nominees, the nomination will be effective in a declared proportion.
- For successive nomination, the nominee who has been named higher in the order of nomination will receive priority.
- In case of minor's account, person lawfully entitled to act on behalf of the minor can make nomination.
- A minor can be Nominated as "nominee".
- A non - resident can be nominated as a nominee in a resident account.
- Nomination is to be filed in the prescribed forms .
- In Joint Accounts,all the joint Account holders must sign the Nomination Form
- Thumb-impressions(s) in Nomination Form should be attested by two witnesses.
- Signatures of the account holders in the nomination form need not be attested by witnesses.
- Nominee need not sign the Nomination Form
- Nomination can be changed or cancelled subsequently.
Nomination Forms to be used:
- Nomination - Deposits DA-1
- Cancellation of Nomination - Deposits DA-2
- Variation of Nomination - Deposits DA-3
- Nomination-Safety Locker Sole Hirer SL-1
- Nomination-Safety Locker (Joint Hirers) SL-1A
- Cancellation of Nomination-Safety Locker SL-2
- Variation of Nomination-Safety Locker (Sole Hirer) SL-3
- Variation of Nomination-Safety Locker (joint Hirers) SL-3A
- Nomination-Safe Custody Articles SC-1
- Cancellation of Nomination-Safe Custody Articles SC-2
- Variation of Nomination-Safe Custody Articles SC-3
For details approach your banker.
Extension of Safe Deposit Locker / Safe Custody Article Facility and Access to Safe Deposit Lockers /Return of Safe Custody Articles by banks.
The Banking Companies (Nomination) Rules, 1985 - Clarifications.