Product - Nomination Facility
Benefit of Nomination:
In the event of death of an account holder(s), the Bank can release the balance in the account to the nominee without insisting upon a Succession Certificate, Letter of Administration or Court Order. Nominee holds such monies received from the Bank in the capacity of a Trustee on behalf of the legal heirs of the deceased account holder(s) and the Bank's liability is duly discharged on payment to the Nominee.
1. Nomination facility is available for all deposit accounts opened in the name of the individuals either single or jointly
2. This facility is not available for accounts held in representative capacity, Joint Stock Companies, Associations, Clubs and other organizations.
3. In the case of a deposit account in the name of a minor, nomination shall be made by a person lawfully entitled to act on behalf of the minor in respect of a deposit account
4. Nominee should be the individual.
5. The fact of nomination availed by the Account holder will be mentioned on the face of the Pass Book/Deposit Receipt. At the request of the Depositor, the name of the nominee will be mentioned in the Pass Book/Deposit Receipt.
6. Depositors, who are not willing to avail nomination facility, should inform in writing.