SBI Account Nomination: State Bank of India (SBI) has simplified the nomination process. Customers can now add a nominee to their SBI account online and through the YONO mobile app. This will enable a quick and seamless transfer of funds after the account holder’s death, without any legal hassles or delays.
State Bank of India (SBI) has simplified the nomination process for its customers. Customers can now add a nominee to their SBI account online and through the mobile app, ensuring a quick and hassle-free transfer of account holder funds after death.
How to enroll on SBI portal online?
The process for adding a nominee to your SBI account online is very simple. First, customers need to log in to their SBI account online. Then, go to the ‘Request & Inquiries’ section and select the ‘Online Nomination’ option. Select the account for which you want to add a nominee. Enter the correct nominee details and click the ‘Submit’ button. This completes the nomination process.
Enrollment through YONO App
Nominations are also available on SBI’s digital platform, the YONO app. Open the app, go to the ‘Services & Request’ option, and tap ‘Account Nominee.’ Then, select the ‘Manage Nominee’ option and select the account for which you want to nominate. Enter the correct information and click ‘Submit.’ This completes the nomination process.
How to enroll at SBI branch?
Customers who do not wish to enroll digitally can download or obtain an enrollment form from any SBI branch. Fill out the form and submit it to the branch with the correct information. Upon submission, the bank will issue an acknowledgement slip, which will serve as proof of future use.
Importance and benefits of nomination
The primary advantage of nomination is that it allows for the immediate and unhindered transfer of funds after death. Only the nominee can claim the deceased’s account balance or the contents of a safe deposit locker. Without nomination, the deceased’s heirs may be required to submit a succession certificate or other legal documents to claim the funds, which could delay withdrawal.
For which account types is nomination available?
The nomination facility is available only for individual or joint accounts, including sole proprietorship accounts. This facility is applicable for deposit accounts, safe deposit lockers, and safekeeping.
SBI has further enhanced customer convenience by making the nomination process available online and through its mobile app. Customers can now add nominees to their accounts without visiting a branch, ensuring the safety and timely transfer of their funds. This digital initiative has brought transparency and ease to the banking process, which is extremely beneficial for customers.
