Registering a Nomination Online For Your State Bank Of India Account
Nomination is a facility that enables a deposit account holder(s) (individual or sole proprietor) or safe deposit locker holder(s) to nominate an individual, who can claim the proceeds of the deposit account(s) or contents of the safe deposit, locker(s), post the demise of the original depositor(s) or locker holder(s).
This tutorial guides you, How to Register a Nomination for you Bank Account using State Bank Of India Internet Banking Facility, with Online SBI Website.
First of all, understand, what is a nomination!
Bank account holders having deposit accounts in their individual names or in joint names of two or more individuals can appoint a nominee to their accounts.
Q1. What is Nomination?
Nomination is a facility that enables a deposit account holder(s) (individual or sole proprietor) or safe deposit locker holder(s) to nominate an individual, who can claim the proceeds of the deposit account(s) or contents of the safe deposit locker(s), post the demise of the original depositor(s) or locker holder(s).
Q2. What is the benefit of nomination?
The benefit of nomination is that in the event of a death of an account holder(s) or locker holder(s), the Bank can release the account proceeds or contents of the locker to the nominee(s) without insisting upon a Succession Certificate, Letter of Administration or Court Order. The nominee holds the monies in the capacity of a Trustee on behalf of the legal heirs of the deceased account holder(s) or locker holder(s) and the Bank’s liability is duly discharged on payment to the Nominee.
Q3. Who can nominate?
- Bank account holders having deposit accounts in their individual names or in joint names of two or more individuals can appoint a nominee to their accounts.
- A sole proprietor can appoint a nominee to the sole proprietorship account with the bank.
- In the case of a deposit account in the name of a minor, the nomination shall be made by a person lawfully entitled to act on behalf of the minor in respect of a deposit account.
- Safe deposit locker holder(s) can appoint nominee(s) on their Safe deposit locker(s).
- A nomination can be made only in respect of a deposit account which is held in the individual capacity of the depositor, and not in any representative capacity such as the holder of an office of Director of a Company, Secretary of an Association, partner of a firm, or Karta of an HUF.
Q4. How can I register a nomination?
Specific nomination forms need to be completed and submitted to the Bank for registering the nomination facility. Different forms are applicable to register nominations on deposit accounts and safe deposit lockers. The Bank will acknowledge receipt of the nomination form and send a confirmation of having recorded the same. This confirmation must be kept securely either with the deposit account holder or with the nominee if the account holder so wishes.
But with State Bank of India, now you can Register or Change your nomination online.
Note: You can only do online nomiation for signle accounts and not joint accounts.
Procedure For Online Nomination through Online SBI
This is the procedure to register a nominee to your bank account.
- Visit https://www.onlinesbi.com/
- Login with your account
- In the Dashboard, click on Request and Enquiries
- You’ll see “Online Nomination” Options
- Click on “Online Nomination”; The Online Dashboard Menu Will Appear where you can see the accounts you have, that can be fixed deposits or savings accounts or any other.
- You’ll now see a list of account you own, You’ve to Select the account for which you want the nomination to be done.
- After Selecting the Account, Now Click on Continue
- Now you’ll land on a page where you will have to input Nominee Name, DOB, Address, Relation with the Nominee etc; Fill them out
- After which Click on the Checkbox to accept the Terms and Conditions and then
- Check all the details if they are correct or not.
- Once you have verified Click on Submit
- Once you click on Submit Button; An OTP will be sent to your registered Mobile Number
- You will now need to enter this OTP on the screen when prompted.
- Once this is done your Nomination will be registered.
Watch our tutorial video to understand Nomination facility, its benefits and how to register a Nomination for:
– Appointment of Nomination
– Cancellation of Nomination
– Variation of Nomination
For more information, click: https://www.sbi.co.in/portal/web/Customer%20Care/nomination-facility
Thanks for reading this article, hope you found it useful, if you have any doubts or questions, you may ask us in the comments below.