Nomination is a feature that allows a deposit account holder to designate someone to claim the account's contents in the case of the depositor's unexpected death. Nomination is allowed at the State Bank of India for all sorts of deposit accounts and can only be done in the name of one individual. Customers of the State Bank of India (SBI) can nominate a nominee to their SBI account online from the comfort of their own homes digitally, which means that they do not need to visit their respective bank branch physically to let the nomination procedure be done.
India's largest lender has alerted its customers on its Twitter account that "Want to add a nominee in your account? You can easily register a nominee by using OnlineSBI & YONO Lite. Enjoy our online services from your comfort zone. Stay home, stay safe."
Want to add a nominee in your account? You can easily register a nominee by using OnlineSBI & YONO Lite. Enjoy our online services from your comfort zone. Stay home, stay safe.#SBIAapkeSaath #StayStrongIndia #OnlineSBI #YONOLite #BankSafe pic.twitter.com/LaDwGIlrFs— State Bank of India (@TheOfficialSBI) June 1, 2021
You can register a nominee to your SBI account by visiting your nearest bank branch physically, using SBI net banking, or using SBI mobile banking. However, owing to the present pandemic scenario in the nation, it is strongly recommended that you conduct all of your banking-related activities online. So, if you're an SBI customer and wish to register a nominee, use any of the two quick methods listed below.
Steps to add a nominee through SBI net banking
- Visit onlinesbi.com and sign in to your net banking account using the required credentials i.e. Username and Password.
- Under the menu section, click on 'Request & Enquiries'
- Now your screen will display all your active accounts from which you need to select the account for which you are going to add a nominee.
- Click on 'Continue' and Nominee Name, Date of Birth, Address and Relationship with the account holder.
- Click on 'Submit' and you will now receive a high-security password on your registered mobile number.
- Enter the received password and click on the 'Confirm' button to complete the registration process.
Steps to add a nominee through SBI mobile banking
- Open the SBI YONO Lite app on your mobile phone and sign in to your account using the required credentials.
- Now tap on "Services" and select the "Online Nomination" option.
- Now from the drop-down menu select your type of account and account number for which you want to add a nominee.
- Now tap on "Register Nomination" and specify Nominee Name, DOB, Address and Relationship.
- Once done, confirm the entered details and tap on 'Submit' to complete the registration process.
SBI Nomination facility
As discussed above, SBI online banking and mobile banking can be used to quickly register a new nominee. However, there are a few things to keep in mind that SBI has made public on its website.
- All bank accounts, articles in safe custody, and safe deposit vaults have the option of being nominated.
- Accounts registered in an individual capacity (i.e. single / joint accounts as well as accounts of a sole proprietary concern) are eligible for nomination, but not accounts made in a representative capacity.
- A nomination can only be made in one person's favour. However, with jointly managed locker accounts with common approval, nominations in favour of more than one person, i.e. up to two individuals, are permitted.
- The account holder can initiate, cancel, or change his or her nomination anytime during his or her existence. A witness is necessary when making a nomination, cancellation, or adjustment, and the request must be acknowledged by all account holders.
- A nomination can also be lodged on behalf of a minor. During the time when the minor is not of legal age, the legal guardian will receive the amount on behalf of the registered minor.
- Account-holders who have not yet registered a nomination for an existing account can do so by filling out a form accessible at the bank branches.
- Only after the death of the depositor in a single account or the death of all depositors in a joint account, a nominee have the right to receive payment from the bank.
- If they have not done so before, new and existing customers are allowed to use the nomination option. If the depositor(s) do not want to make a nomination, the depositor(s) must indicate this on the account opening form with signature.