What is Nomination Facility?
Nomination is a facility that enables a deposit account holder(s) (Individual or Sole Proprietor) or safe depost locker holder(s) to nominate an individual who can claim the proceeds of a deposit account(s) or contents of the safe deposit locker(s), post the unfortunate demise of the original depositor(s) or locker holder(s).
Nomination facility is available for all deposit accounts, articles in safe custody and safe deposit vaults.
What is the benefit of Nomination facility?
The benefit of nomination is that in the event of death of an account holder(s) or locker holder(s), the bank can release the account proceeds or contents of the locker to the Nominee(s) without insisting upon Indemnity, affidavit, Succession Certificate, letter of administration or court order.
Online Nomination can be done for single user account only, if you have joint account, then you need to visit bank's branch for further proceedings. Now let's see how to do online nomination for SBI account?
- Visit the official website of State Bank of India - https://www.onlinesbi.com
- Click on Login New Version.
- Click "Continue to Login".
- Enter your Username and Password and click Login.
- Click "Request & Enquiries" at the top navigation.
- Click on Online Nomination link at the left of the screen
- Online Nomination page opens.
- Select account, which you want to nominate from register nomination tab.
- Click Continue.
- Enter Nominee's name, date of birth, address, and relationship with depositor.
- In case a nominee is minor, type his/her guardian's name, address and age.
- Read terms and conditions carefully and tick on the check box to accept them.
- Click Submit
- Verify details and click Submit.
- You will receive a high security password on your registered mobile number.
- Enter the password in the given space and click Confirm.
- As you click confirm, you will see a message on your screen which says, "Nomination has been successfully created."
- You can click on Enquire Nomination tab for the information of added nominees.
- Click on account number to see its associated nomination.
- Click Continue.
- Read Terms and Conditions carefully and tick the check box to accept them.
- Click Submit.
- If the account has a nominee, then you will see its details after clicking submit.
- If you want to cancel the nomination of any account then click on Cancel Nomination tab.
- Select the account which you want to cancel the nomination.
- Click Continue.
- Read Terms and Conditions carefully and tick the check box to accept them.
- Click Submit.
- You will receive a high security password on your registered mobile number.
- Enter the password in the given space and click Confirm.
- Check the details of the nominee and click Submit.
- A message will be displayed on the screen which says, "Nomination has been successfully cancelled".