Nomination Is All It Takes to Ensure Financial Peace for Your Family

What is a nominee?

A nominee is a designated individual who owns the funds upon the demise of the primary account holder. Since, the nominee has been pre-appointed, the bank transfers the balance of funds from your account to the nominee's account, avoiding any legal hassles. To avail of this, the nominees have to simply furnish their registered bank name, account number, etc., and a valid government ID proof. No additional proof, such as a court order or succession certification is needed, if the person is already assigned as a successor via the nomination process.

Benefits of Nomination

Nomination helps in honour the intentions of account holders like you and protects the financial well-being of your beloved ones, giving assurance that your family is financially secure in your absence. Declaring your nomination allows your dependents, including ageing parents, spouse, and children, to manage their finances without having to depend on others financially. Nomination, simplifies the process, preventing any lengthy legal processes and streamlines the overall transfer process, saving time and avoiding taking any stress.

Things to keep in mind while Nominating

Provide relevant details of the nominee (your relationship with the nominee). Declare the correct names and details of your nominee. Give details of a legal guardian or appointee if you have a minor as your nominee. This is important as minors cannot directly manage the funds, and a legal guardian or appointee will be responsible for managing the funds until the minor reaches the age of majority. Also, in case you wish to appoint more than one nominee, you need to disclose the % nomination assigned to each of the nominees (adding to 100%).

Why Nomination is Important?

It is vital to appoint a family member or a loved one to save the nominee from unnecessary troubles if the account holder dies. Unfortunately, thousands of crores of unclaimed money are lying across banks in our country. These bank accounts belonged to the bank holder who had deposited money and consequently died, and the money is lying with the bank since no nominee had been filed against their accounts. These examples demonstrate the issues one can face by not appointing someone as a nominee.  It is vital to review and update nominations when necessary to leverage the benefits of the nomination process. Also, keep your nominees informed about their rights and responsibilities. This includes understanding the process of fund transfer, the documentation required, and any legal obligations they may have. By exercising your right to add nominees, you can ensure a smooth and efficient transfer of funds.

As your preferred banking partner, we advise you to complete your nomination formalities, as this will save your family from many difficulties if something unexpected were to happen to you.

Now that you understand the importance of choosing a nominee, rest assured that it's a simple process with us. With Suryoday Small Finance Bank, you can appoint a nominee online or visit our nearest branch, making it easy and convenient. Act today and safeguard your family’s financial future.