SBI is India’s biggest bank, allowing users to digitally assign nominees to their SBI account from their home or office. That means SBI Bank customers no longer need to visit their local branch to update the nominee’s data.
State Bank of India offers customers a nomination option for savings accounts, lockers, and safe deposit vaults. The nomination service is only accessible for accounts created independently, individually, jointly, or with a single proprietary business.
The account holder may create, cancel, or modify the nomination anytime. All account holders must approve the request before making a nomination, cancellation, or change. SBI advises current and new customers to utilize the nomination service if they haven’t already done so. If the depositor does not intend to make a nomination, they must state so on the account opening form.
What is SBI’s Nomination Facility?
Nomination is a service provided to depositors. It permits a bank account holder to choose a person to receive the account’s assets in the case of the depositor’s unexpected passing or death. Nomination is accessible at the State Bank of India for deposit accounts. Only one individual may be nominated.
How Can you add a Nominee to your SBI Account?
There are three methods for adding a nominee to your SBI account.
- At SBI branch
- By SBI Online Banking
- Through SBI Yono Mobile Banking
How to Add a Nominee for SBI Fixed Deposit by Net Banking
- Visit onlinesbi.com and sign in using your User ID and Password.
- Clicking on ‘Online Nomination‘ brings up a list of all your active bank accounts.
- Click ‘Continue‘ and provide the nominee’s name, date of birth, and connection to you.
- Click on ‘Submit‘ and enter the high-security password sent to your registered mobile number.
- Finally, click ‘Confirm‘ to add a nomination, that’s it you have been successful.
How to Add A Nominee for SBI Fixed Deposit by SBI YONO App
You may register nominees online with your SBI account using the YONO Mobile Banking Application. To use this service, you must log in to the Yono Lite SBI Mobile Banking App. To do this, follow the procedures mentioned below:
- Open the SBI YONO Lite app and sign in using your SBI YONO account information.
- Now, choose “Services” and then “Online Nomination” on the subsequent page.
- On the subsequent page, choose your account type and account number from the drop-down menu.
- Now, click the “Register Nomination” option and input the nominee’s name, date of birth, address, and relationship to you.
- To successfully add a nomination, tap ‘Submit‘; now you are done.
Add a Nominee for SBI Fixed Deposit through a Bank Branch
Download Form DA1 (Nomination) through the link, fill the form with complete information about the fixed deposit along with nominee details and submit it to the Home Branch of SBI.
Important points to remember
- Nomination is accessible for all bank accounts, safe deposit vaults, and objects in custody.
- Nomination is only allowed for accounts created in an individual capacity (single, joint, or sole proprietorship), not representative accounts.
- Only one individual may be nominated. Nomination for more than one person (up to two people) is permitted in shared locker accounts with common permission.
- The account holder may make, cancel, or change nominations anytime. Nomination, cancellation, or modification requires a witness and signatures from all account holders.
- A minor can also be nominated. Until the minor reaches the majority, the natural guardian will receive the amount.
- Existing accounts that have not been nominated can be nominated by filling out the form available at the branches.
- The nominee’s right to receive payment from the Bank arises only after the depositor’s death or the death of all depositors in joint accounts.
- If the depositor(s) do not wish to make a nomination, they must indicate so on the account opening form with their full signature.
