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Nomination RULES & Form

Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Bank

RULES FOR NOMINATION

Nomination facility is available for all deposit accounts, safe deposit lockers, articles kept in safe custody, and deposits held in the name of a sole proprietorship concern. Nomination may be made only in respect of deposits held in the individual capacity of the depositor and not in any representative capacity, such as a holder of an office or in a fiduciary role. Accordingly, for example, nomination cannot be made for accounts held in the name of a Hindu Undivided Family (HUF).

Successive or Simultaneous Nomination has been introduced as under:

A) Successive Nomination

  1. When nominations are made in favour of one or more individuals not exceeding four, only one nomination shall remain effective at a time, based on the order of priority specified. In this case, if “Successive Nomination” is selected, multiple nominees (not exceeding four ) may be recorded, with each being assigned a 100% share. The nomination shall become effective in the following sequence:
    1. The nomination of the first nominee shall be effective if he/she survives the account holder(s).
    2. The nomination of the second nominee shall become effective only upon the death of the first nominee.
    3. The nomination of any subsequent nominee shall become effective only upon the death of all nominees appearing before him/her in the prescribed order of nomination.
  2. If no order of priority is specified, the nominees shall be deemed to have been nominated in the sequence in which their names appear in the nomination form.

 (B) Simultaneous Nomination

  1. When a nomination is made simultaneously in favour of more than one person, it shall be effective in favour of all such nominees in the proportion specified. The following conditions shall apply:
    1. The nomination shall not be made in favour of more than four persons.
    2. The nomination must clearly specify the percentage share of the deposit amount allotted to each nominee.
    3. The nomination shall cover the entire amount of the deposit.
  2. If any nominee dies before receiving his/her share of the deposit from the bank, the nomination in respect of that nominee shall become ineffective. The portion of the deposit that was allocated to the deceased nominee shall be treated shall be treated as if no nomination had been made for that specific share. Accordingly, the Bank shall settle the claim for that portion of the deposit in accordance with the procedures applicable to accounts without a nomination.

(C) Either Simultaneous or Successive nominations is allowed for deposit accounts.

(D) Successive nomination is  applicable in the Safe Custody Article / Safe Deposit lockers.

(E) Process of Registration of Nomination: