I haven’t registered any nominee for my savings bank account. How can I register one now? Also can I register more than 1 person for my account?


#1

I haven’t registered any nominee for my savings bank account. How can I register one now? Also can I register more than 1 person for my account?


#2

You can register a nominee at any time for your savings bank account. All you need to do is go to your bank branch and request for a nomination facility form. Fill up the form with your bank account details and details of your nominee and submit the same with the bank. You can also fill up the request form online after logging into your bank through net banking facility. For savings bank account you can nominate only one person as your nominee so you must be careful who you choose. Ideally someone in the blood relation is more suitable for a nominee although it is not mandatory.


#3

Hi Vijay,

The nominee for a savings account or FD is registered as per Section 45ZA(2)(Banking Regulation Act). As per this, the nominee has all the rights to receive the money from the bank account, albeit bank laws do not have any association with succession laws. You can decide who can be your nominee in a bank account. But in the event of any dispute between the nominee and the legal heir, succession laws legality must be checked with a lawyer. There can be only one nominee for an account.

A nominee can be the same person as a legal heir as mentioned in the will of the deceased. If as per the will of the deceased, someone else has the rights to inherit his/her assets, the nominee will have to facilitate a transfer of the same. In the case of Abhishek; as his wife is the legal heir of his properties, the nominee (his brother) cannot be the beneficiary of the insurance amount.
If will has not been executed, legal heirs are decided as per succession laws.

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Cheers,
BB Expert