Nomination
i.Nomination is mandatory for all accounts including the minor accounts opened on or after 01.04.2018.
ii. Individual(s) opening a single or joint account may nominate any person or persons who in the event of the death of depositor shall become entitled to receive the payment of the amount due on the account by filling in the required details in the account opening application form (AOF).
iii. The percentage for each nominee and the relationship of the nominee/s with the depositor should be filled in the prescribed columns.
iv. If the nominee is a minor the depositor has to appoint an individual or himself to receive the amount in the account on death of the account holder during the minority of the nominee and name and address of the appointee should be filled in the AOF.
v. A Depositor in a Single Account, or the depositors in a joint account, as the case may be, shall nominate one or more individuals as nominee but not exceeding four. Two witnesses are mandatory for illiterate accounts and no witness is required for literate account for registering the nomination.
vi.A nomination made by a depositor at the time of opening of an account may be cancelled or changed by the depositor.
vii. Whenever depositor desires to change the nomination he should submit the prescribed application in form SB-55 (Form-10) and credit fee of Rs.50+GST and present the same along with the pass book.