How to Add a Nominee in SBI FD

What is Nomination in SBI FD?

Nomination refers to naming a person who will receive the money from your investment in case of your death. This person is termed a nominee. Every SBI savings account or fixed deposit account must have a nominee, as per bank regulations.

By nominating someone, you ensure that your money is transferred easily and quickly to that person without legal complications. This is especially helpful for your family, as it avoids long bank procedures during a difficult time.

Why Is It Important to Add a Nominee?

Here's why you should always add a nominee to your SBI FD:

1. Avoids Legal Delays:

   Without a nominee, your family will have to go through lengthy legal procedures to access your deposit in case of an unforeseen event.

2. Faster Access:

   A nominee can claim the money quickly after the customer's untimely death.

3. Peace of Mind:

   You can relax knowing that your money will reach the right hands without trouble.

4. Secure Your Family's Future:

   Your savings can support your loved ones when you are no longer around.

How to Add a Nominee in SBI FD?

Whether you're comfortable with online banking or prefer visiting the branch, SBI gives you two easy options to add a nominee to your fixed deposit.

1. How to add a nominee in SBI FD online:

   If you use SBI's Net Banking services, follow these steps:

   Step 1:

   Go to the SBI website and log in with your username and password.

   Step 2:

   Click on the 'Request & Enquiries' option in the menu.

   Step 3:

   Choose 'Online Nomination' from the list.

   Step 4:

   Select the FD account you want to add a nominee to and click 'Continue'.

   Step 5:

   Fill in the nominee's name, date of birth, address, and relationship.

   Step 6:

   Click 'Submit'.

   Step 7:

   Enter the high-security OTP received on your mobile.

   Step 8:

   Click 'Confirm' to complete the process.

   That's it! Your nominee details are now saved with SBI.

   

2. How to add a nominee in SBI FD offline:

   If you're not using online banking, you can still add a nominee by visiting your SBI branch:

   • Ask for Form DA1 at the branch.

   • Specify your personal and your nominee's details, including but not limited to name, date of birth, the relation, and physical address.

   • Please fill up the form on the next page and attach your photo ID proof.

   • The bank will process it, and whatever nominee you mentioned will be added to the respective list.

   This is a great option for senior citizens or those more comfortable with in-person banking.

Important Things to Remember

• You can only assign one nominee per account.

• The nominee details can be updated from time to time, through net banking or through a branch visit.

• While the nominee receives the money from the FD, he/she is not a legal heir. Money will be distributed as per inheritance laws in case of a challenge.

• Nomination is compulsory for any new fixed deposit account.

Key Takeaway

Adding a nominee to your SBI Fixed Deposit is a simple but essential step. It ensures that you get competitive SBI FD interest rates along with protecting your loved ones from unnecessary financial stress. Whether you do it online or offline, the process is easy and quick. Remember, while the nominee receives the funds, legal inheritance laws still apply, but this step ensures a smoother transition in urgent times. Now that you know how to add a nominee in SBI FD, take a few minutes today to complete it. It's a thoughtful way to secure your family's future.

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