Benefits of Nomination Facility

The Bank recommends that all depositors avail nomination facility. The Bank offers nomination facility to inter alia the current account holders. Nomination can be made in favour of one individual only.The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs.
The nomination is available to both singly held as well as jointly held current accounts. In case of a joint account, the nominee’s right arises only after the death of all the account holders.
Nomination so made can be cancelled or changed by the account holder/s any time. While making nomination, cancellation or change thereof, it is required to be witnessed by a third party. Nomination can be modified by the consent of account holder/s. Nomination can be made in favour of a minor also subject to other major individual being named appointee(s) during the minority period.
The account holder is therefore advised to visit the branch at the earliest with other joint account holders, if any, to complete the nomination to the current account.
In case of single holder current account, the account operating instruction shall be “Single” and in case of joint current account, it shall be “Either or Survivor” or “Anyone or Survivor” as the case may be”.