Unclaimed Deposits in Account: According to the new rule, nomination facility is necessary for open accounts in all banks and financial institutions. Nomination refers to the process of naming a beneficiary to receive the income or maturity proceeds of an investment or property.
How To Add Nominee Name in Account: If you have an account in any bank and have also made savings there, then Finance Minister Nirmala Sitharaman had issued an order for such people recently. The Finance Minister had told banks and financial institutions that it is necessary to have the name and address of the nominee of every account holder in the records.
If any account holder does not have a nominee then he should nominate him. The Finance Minister had said that this will reduce the unclaimed amount deposited in banks after the death of the account holder.
Thousands of crores of unclaimed deposits in banks
Let us tell you that thousands of crores of rupees are lying unclaimed in the banks of the country. This money belongs to such account holders who deposited money in the bank and died suddenly. This money is with the bank itself because no person was made a nominee in his account/investment. Recently, RBI had also launched Udgam Portal (UDGAM) to safely return this money to the customers and their heirs.
It is necessary to add the name of the nominee in all the accounts,
as per the rules, nomination facility is necessary for the accounts opened in all the banks and financial institutions. Nomination refers to the process of naming a beneficiary to receive the income or maturity proceeds of an investment or property.
After the death of the account holder, only the person nominated on his behalf will be given the benefit on maturity. Now the question is, how can you do the work of adding nominee online? Here today we will tell about the online process of adding the name of the nominee in SBI-
Process of adding nominee through net banking
- First of all go to www.onlinesbi.com and login with user and password.
- Now click on the Request & Enquiries tab inside the menu.
- After this click on Online Nomination tab.
- Now select your savings account / FD in which you want to add the nominee, now click on Next.
- After this, enter the nominee’s name, date of birth, address and relationship with the account holder.
- After completing the complete process, click on submit.
Process of adding nominee from YONO app
- First of all login your YONO app.
- After this go to Service and Services & Request.
- Now here you will get the option of Account Nominee, click on it.
- After this go to Manage Nominee.
- Here, by going to the drop down, select the account in which the nominee is to be added.
- After this, you enter the details of the nominee and submit it.
How to add a nominee from the branch
To add a nominee, download the online form and go to the branch and fill in the requested information and submit it to the home branch.
According to a report, no one has any claim on the amount of more than Rs 35,000 crore in the banking system. RBI had launched the Udgam Portal (UDGAM) in order to make the money reach the customers and their heirs safely.
Through this, the entitlement of unclaimed money deposited in banks for a long time was to be ascertained. Through this portal, information about unclaimed deposits in SBI, PNB, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank can be obtained.