Nomination Facility to be offered on Net Banking Sites.
In this era of Bank Deposits, being the flavor of the Day, Reserve Bank of India, vide its Notification - RBI / 2008-09/ 406, DBOD.No.Leg.BC.114 /09.07.005/2008-09 dt.March 9, 2009, has mandated that Acknowledgement of Nomination and indicating the Name of the Nominee in Pass Books / Fixed Deposit Receipts, be adhered to, in case THE CUSTOMER IS AGREEABLE TO IT.
The complete Notification, can be accessed at:-http://www.rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=4884
All Bank Customers, especially those holding Saving Bank/Term Deposit Accounts, should be aware of the above Nomination Notification.
It is to be noted, that only 1 Nomination can be registered for 1 Account. Percentage-wise Nomination is not possible. In case, a Customer desires multiple nominations, one option, is to split the Term Deposits, and nominate a different person, for different Term-Deposit.
Majority of the Banks, now-a-days, are happy dispatching Monthly/Quarterly Statements, instead of Pass-Books. The nominee’s details should be displayed in the Monthly/Quarterly Statements, too.
As many customers are at ease with Net Banking, Banks as additional feature should allow the Nomination Facility to be availed through their Net Banking Sites.
As an additional precaution, Banks on receipt of the Nomination Request thru Net Banking Channels, can seek a affirmation, by emailing the details to the email id registered with the bank. On receiving the confirmation, within the specified time, the Nomination Request can be processed.
