Bank recommends that all depositors avail nomination facility wherever available. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.
- Nomination facility is available for all deposit accounts, articles in safe custody and safe deposit vaults.
- Nomination is available for accounts opened in individual capacity (i.e. single/joint accounts as well as accounts of a sole proprietary concern) only, i.e. not for accounts opened in representative capacity.
- Nomination can be done in favour of one person only. However, nomination in favour of more than one person (i.e. upto 2 persons) is permissible in jointly operated locker accounts with common consent.
- Nomination can be made, cancelled or varied by the account holder anytime during his/her life time. While making nomination, cancellation or variation, witness is required and the request should be signed by all account holders.
- Nomination can be made in favour of a minor also.
- For the existing accounts where nomination is not made, the account holder/s can do so by filling up form available with the branches.
- Customers (new as well as existing) are advised to avail nomination facility, if they have not availed so far.
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