When it comes to managing your finances, ensuring that your investments and savings are safeguarded is of paramount importance. One crucial step in this direction is completing the nomination process.
In recent years, the number of unclaimed deposits in banks has been on the rise, prompting banks like the State Bank of India (SBI) to place special emphasis on encouraging customers to nominate beneficiaries.
In this guide, we will walk you through the simple process of adding a nominee to your SBI account.
The Significance of a Nominee
Before diving into the process, let’s explore why nominating a beneficiary is a critical step in ensuring the security of your savings and investments.
SBI’s Nomination Initiative
Discover why SBI periodically urges its customers to complete the nomination process and how this simple step can offer peace of mind and financial security.
Adding a Nominee to Your SBI Savings Account
Follow these straightforward steps to nominate a beneficiary for your SBI savings account, either through the official website or the YONO app.
Adding a Nominee Online through SBI’s Official Website
- Visit onlinesbi.com, SBI’s official website.
- Navigate to the ‘Request & Enquiries’ tab in the menu.
- Select ‘Online Nomination.’
- Choose your account type (savings or FD) and proceed to add a nominee.
- Input nominee details, including name, date of birth, address, and their relation to you.
- Submit the information.
- Enter the OTP received on your registered mobile number.
- Confirm the nomination, completing the process.
Adding a Nominee through the YONO App
- Log in to your YONO app.
- Navigate to Services and Request.
- Select the ‘Account Nominee’ option.
- Click on ‘Manage Nominee.’
- Choose your account type and provide the nominee’s information.
Updating Nominee Information Offline
In addition to online methods, SBI offers customers the option to update their nominee information through a visit to the bank branch. Learn how to complete this process in person.
Minor Accounts and Nominees
Discover the unique considerations for nominating beneficiaries in minor accounts, ensuring that the deposited amount is protected for the benefit of the child’s guardians in case of unforeseen circumstances.