Unclaimed Deposits in Account: According to the new rule, nomination facility is mandatory for accounts opened in all banks and financial institutions. Nomination refers to the process of naming a beneficiary to receive the income from an investment or property or the maturity proceeds.
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 rupees 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 suddenly died. This money is with the bank itself as no one was made a nominee in their account/investment. In order to return this money safely to the customers and their heirs, RBI had also launched Udgam Portal (UDGAM) in the last days.
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 to add 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 name of the nominee, date of birth, address and relationship with the account holder.
– After completing the complete process, click on submit.
Process to add nominee from YONO app
– First of all login to your YONO app.
– After this go to Services & Request.
– Now here you will get the option of Account Nominee, click on it.
– After this go to Manage Nominee.
– Go to the drop down here and select the account in which you want to add nominee.
– After this, enter the details of the nominee and submit it.
