When a bank account holder or investor passes away without a nominee, the family often has to go through long legal procedures to claim the money.
This can include getting succession certificates or court orders, paying legal fees, and making repeated visits to banks or fund houses.
Having a registered nominee makes the process much simpler.
The bank or fund house can directly release the funds to the person named, saving time and stress for the family.
Registering a Nominee for Bank Accounts
Most banks now allow nominee registration or updates online through net banking or mobile apps.
The process usually involves:
Logging in and going to account services or profile settings
Selecting the account and entering the nominee’s name, relationship, and date of birth
Verifying the request via OTP
Some banks may require a digital form submission and e-sign with Aadhaar.
Older accounts or joint accounts might still need a branch visit.
Once processed, the nominee name appears online as confirmation.
Adding a Nominee in Mutual Funds
Mutual fund investors can register nominees via AMC websites, investment platforms, or registrar portals.
Steps include:
Logging in to the platform
Selecting the folio and filling in nominee details
Verifying the change via OTP linked to your registered mobile or email
For demat accounts, nominations are linked through NSDL or CDSL.
Online modules allow updates using e-sign.
Once approved, all mutual fund units in that account are covered under the nominee unless specified otherwise.
Many platforms now flag accounts without nominees, and some restrict purchases or redemptions until a nomination is declared.
Nominee Registration for EPF
EPF nominations are done completely online via the Unified Member Portal:
Log in with your UAN and go to the “Manage” section
Select nomination and enter family details as per EPF rules
Specify nominee names and percentage shares
Verify using Aadhaar-based e-sign
The nomination becomes active immediately and usually does not require employer approval.
This step is especially important for those who changed jobs or updated their Aadhaar after joining the workforce.
Common Mistakes to Avoid
Failing to update nominations after marriage, divorce, or the birth of a child
Leaving incomplete details, such as missing dates of birth for minor nominees
Banks and fund houses honour the last valid nomination on record, even if it doesn’t reflect the family’s current wishes.
Missing details may require additional documents before funds are released.
The Takeaway
Updating your nominee is quick, easy, and online.
A simple check across your bank accounts, mutual funds, and EPF ensures your savings reach the right hands without legal hurdles.
Taking a few minutes now can save your family months of paperwork and stress later.
