Why You Need a Nominee:
The Reserve Bank of India (RBI) is spreading awareness to protect people from financial fraud through its “Be Informed, Be Alert” campaign. This time, tennis star Sania Mirza is highlighting the importance of adding a nominee to your bank account and locker.
In a video shared by RBI on social media, Sania Mirza says, “Be sure to add a nominee to your bank account and locker. Nomination makes it easier to transfer money from the account after the account holder’s death. RBI says – Be informed, be alert.”
What is a Nominee?
A nominee is a person you choose to inherit your bank account or locker contents after your death. This person gains access to your account or locker once you are no longer around. You can choose your spouse, parents, children, siblings, or another person. Some banks may only allow family members to be nominees.
Benefits of Adding a Nominee:
- Saves Time: The nominee can avoid many bank formalities for your family.
- Convenience: The nominee can easily access your account or locker.
- Security: Your assets remain protected.
How to Add a Nominee:
The process varies slightly between banks. Generally, you can add a nominee in these ways:
- Visit the Bank: Go to your nearest bank branch and fill out the nominee form.
- Online: Many banks allow you to add a nominee through online banking.
- Mobile App: Some banks offer the option to add a nominee via their mobile apps.
Important Points to Remember:
- Fill in the nominee’s details accurately, including their full name, address, relationship, and other required information. Aadhar card is usually needed.
- Most banks require signatures from two witnesses on the nominee form.
- The process for adding a nominee to a locker may differ, so read the related rules carefully.
Can You Add More Than One Nominee?
You can change your nominee at any time by filling out a new form at the bank. Some banks allow adding more than one nominee. For joint accounts, all account holders are automatically considered nominees.
