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Wednesday, June 15, 2016

Changing Nomination

 Modifying a nomination

A nomination in a bank account, mutual fund, provident fund or demat account is made by the holders of the account or folio. It is a mandate to the service provider about who will receive the proceeds of the account or be able to manage it after the death of the account holders. Nominations can be modified during the lifetime of the account holders any number of times.

Format

Most investment choices have a prescribed format for nomination, which has to be used to make a new nomination or change an existing nomination. The format can be obtained at a branch or downloaded online as required.

Signature

Any changes to the nomination will have to be signed by all the account holders irrespective of the mode of operation of the account. If it is a joint account, all joint holders have to sign.

Exceptions

Power of attorney holders and kartas of HUFs cannot make or modify nominations. Nor can corporate investors whose authorised signatories make investments for the corporate entity.

Proportion

Changes to nomination can modify the name and the proportion of the account that would go to each nominee, wherever multiple nominees are allowed. Modifications to proportions alone can also be done.

Validity

A nomination is valid until it has been modified during the lifetime of the account holders.

Minors and NRIs can be nominees of accounts. Payouts to them will be according to procedures applicable for such persons.

If the nominee is a minor, the name of the guardian and the date of birth of the minor have to be provided.

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