Joint account holders can also avail nomination facility: RBI

Posted By: Religare
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Joint account holder can also avail nomination facility: RBI
Reserve Bank of India (RBI) has proposed the use nomination facilities by banks for depositors.

The proposal came after RBI found that the customers opening joint accounts with or without "either or survivor" mandate, are turned away from exercising the nomination facility.

The banking regulator made clear that nomination facility is available for joint deposit accounts too and notified banks to guarantee that their branches offer nomination facility to all deposit accounts including joint accounts holders.

In a note to regional rural banks CD Srinivasan, RBI chief general manager, said, "Banks are advised to ensure strict compliance of the instructions." RBI also said while thumb impression on nomination forms is required to be attested by two witnesses, and added, "Signatures of the account holders need not be attested by witnesses."

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