Change Nominee in SBI : State Bank of India is undoubtedly the largest and most trusted bank in India. It provides its account holders with a lot of Banking Products and options. When you open a new bank account in SBI, you get an option to Add a Nominee in SBI. At any point of time you have the option to change a nominee for your SBI Account. You can change nomination in SBI Savings Account (Form DA-1), Current Account, Fixed Deposit Account, Recurring Deposit Account, PPF Account etc. The process to change nominee in SBI is quite easy and can be completed by both online and offline method.
In this Article, we will tell you how to :
- Change Nominee in SBI Online
- Change Nominee in SBI by Branch Visit.
How to Change a Nominee in SBI ?
Before we tell you the process to change nomination in SBI Online and Offline, let us tell you what actually nomination is.
What is Nomination in SBI ?
Nomination is a facility that enables a account holder(s) to nominate an individual, who can claim the proceeds of the account(s) (i.e. single / joint accounts as well as accounts of a sole proprietary concern) post the demise of the main account holder(s).
Read Also : How to Check Nominee in SBI ?
What is the Benefit of Nomination in SBI ?
The benefit of nomination is that in case of death of an account holder(s), the Bank releases the account proceeds to the nominee without insisting upon a Succession Certificate, Letter of Administration or a Court Order.
How to Change Nominee in SBI Online ?
In order to Change Nominee in SBI Internet banking, you need to follow the step by step procedure given below :
1) Login to Online SBI with your Internet Baking Username and Password.
2) Select e-Services option from the Top Menu.
3) Click on the Online Nomination option from the left sidebar.
4) Click on Cancel Nomination option.
Note : In order to Change Nominee in SBI, first you need to Cancel your Existing Nomination and then Register Nominee in SBI.
5) Select the Account for which you want to Cancel the Nominee & Click on Continue.
6) Click on the box corresponding to “I accept the Terms and Conditions” and click on Submit.
As soon as you click on Submit, the existing Nomination will be cancelled. Now, you will need to add a new Nominee.
7) Click on Register Nomination, Select the Account for which you want to Add a Nominee & Click on Continue.
8) Enter the following information of the Nominee :
- Nominee Name : Enter the Name of the Nominee.
- DOB of Nominee : Select the Date of Birth of the Nominee.
- Nominee Address : Enter the Complete Address of the Nominee.
- Nominee Relationship with Depositor : Mention the Relationship of Nominee with the Main Account Holder.
- Guardian Name : Enter the Name of the Guardian of Nominee (Required only for Minor Nominee).
- Guardian Address : Enter the Address of the Guardian Nominee (Required only for Minor Nominee).
9) Click on the box corresponding to “I accept the Terms and Conditions” and click on Submit.
As soon as you click on Submit, the new nominee details will be updated.
How to Change Nominee in SBI by Branch Visit ?
In order to Change Nominee in SBI by Branch Visit, you need to follow the step by step procedure given below :
1) Gather your SBI Address and ID Proof Documents.
2) Visit your SBI Home Branch with the Originals and Self Attested copies of your Address and ID Proof documents. Carry your Bank Passbook as well.
3) Ask the Accounts Executive for Change of Nominee for your SBI Account. You will be provided with a form.
4) Fill up the complete form carefully and put your signature wherever needed.
5) Hand over the form to the Accounts Executive along with the copy of your Self Attested documents. Show the Originals (if required).
Final Words :
You might have noticed that the process to change nominee in SBI Internet Banking is quite easy. A lot of people ignore the Nomination column while filling up SBI Account opening form. After reading this Article, you might have noticed that, at times it is really important to change nominee in SBI . We request every Account holder in SBI to change the nominee of their respective accounts, whenever required.
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