Accounts & Deposit > Term Deposit > Nomination Facility
Nomination Facility
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- Nomination facility is available for bank deposits.
- There can be only one Nominee for a deposit account whether held singly or jointly.
- A resident can nominate NRI as Nominee, but the repatriation of the amount will be only after permission from RBI.
- A person legally empowered to operate a minor's account can file a nomination on behalf of the minor.
- Applicants can make nominations by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
- The nomination details can be changed during the subsistence of the account relationship by filling up the form, Prescribed under the Banking Companies (Nomination) Rules, 1985.
- For more details, approach your nearest branch