New Delhi :
When you open an account with a financial institution, like the State Bank of India (SBI), it’s essential to nominate someone for that account.
Finance Minister Nirmala Sitharaman recently urged all banks and financial institutions to ensure that their customers complete the nomination process.
In recent years, the number of unclaimed deposits in banks has surged, prompting banks to prioritize the nomination process for their customers.
Why is nomination necessary?
While a nominee has no rights to the account while the account holder is alive, they will receive the entire amount in the account if the account holder passes away.
Having a nominee makes the claims process smoother.
Adding a nominee to your SBI savings account
SBI consistently encourages its customers to complete the nomination process.
If you’re an SBI customer looking to nominate someone for your savings account or FD account, it’s a straightforward process.
1) Visit the official SBI website: onlinesbi.com. Navigate to the ‘Request & Enquiries’ tab in the menu.
2) Look for the online nomination option and click on it. Select your account type (savings or FD) and click on ‘Add Nominee.’
3) Enter the nominee’s name, date of birth, address, and their relationship to the account holder. Submit this information.
4) An OTP will be sent to your registered mobile number; enter it. Click ‘Confirm,’ and the nomination process will be complete.
Adding a nominee through the YONO app
1) Log in to your YONO app. Click on ‘Services and Request.’ Select ‘Account Nominee.’
2) Choose ‘Manage Nominee.’ Select your account type. Enter the nominee’s details and submit.
Updating a nominee in person
In addition to online methods, SBI also allows customers to update their nominees offline.
Simply visit an SBI branch, fill out the nominee form, and submit it.
For minor accounts, if the account holder passes away, the parents will receive the deposited amount in the account.
By completing the nomination process, you ensure that your loved ones have a straightforward path to claiming the account’s funds should the need arise.
