1. Is Nomination required where deposits are held in representative capacity?
Answer:- No nomination is required in accounts where deposits are held in a representative capacity.
2. Nomination in case of Joint account?
Answer:- In case of joint accounts of individuals, nomination should be made by all depositors jointly.
3. Can a non- resident be nominated as a nominee in a resident account?
Answer:- Yes, a non resident can be nominated as a nominee in a resident account. In case of a non-resident nominee, the amount entitled to him from the account(s)/ deposit(s) of a deceased person, will be credited to his NRO account.
4. Can minors make nominations in self operated accounts?
Answer:- Minors cannot make a nomination in self operated minor accounts. The Guardian can make nominations on behalf of the minor.
5. Do nominations require renewal in term deposits?
Answer:- A nomination will continue to be in force even on renewal of term deposits, unless specifically cancelled or changed.
6. Is nomination compulsory?
Answer:- Nomination is compulsory in all single named accounts, where the account holder is not willing to nominate, he/she is to give his/her refusal in writing.
7. How many nominees are required in different types of accounts?
Answer:- There are different kinds of accounts like deposit account, safe custody account, safe deposit account, single account, joint account, etc. Here is the table below to give you clear understanding of number of nominee require in which kind of accounts:
|
TYPES OF ACCOUNTS
|
NATURE OF ACCOUNTS |
NO. OF NOMINEES |
|
Deposits |
Single/Joint |
Only One |
|
Safe Custody |
Single only |
Only One |
|
Safe Deposit Locker |
Single Only |
Only One |
|
Safe Deposit Locker |
Joint- Either Survivor mandate |
Only One |
|
Safe Deposit Locker |
Joint- Former Survivor mandate |
Only One |
|
Safe Deposit Locker |
Joint- Joint Operations |
Each one can nominate one ( Max. 2 as per IBA) |
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