How to Add a Nominee in SBI FD

What is Nomination in SBI FD?

The term nomination is used to name a person who will receive the fixed deposit amount, along with the applicable interest in case of your demise. The person is termed a nominee. SBI provides the nomination facility for savings accounts and fixed deposits. Registering a nominee helps ensure faster and smoother settlement of claims. 

The nomination will facilitate the bank to release the amount of the deposit to the nominee, in accordance with the relevant succession rules. This is particularly useful for your family, because it will prevent long banking processes during unexpected moments.

Why Is It Important to Add a Nominee?

In this regard, here are a few reasons why nominating someone to your SBI FD is always a wise move:

• Prevents Legal Delays: Your family may be required to undertake further legal and banking procedures to obtain the deposit if a nominee is not marked. 
• Easy Access: The nominee will be able to access the deposit comparatively easily after the death of the depositor, subject to the claims settlement procedure of SBI.
• Peace of Mind: Your money will be money that goes to the right people without any hassle.
• Protect Your Family’s Future: When you’re not there, your savings can take care of your loved ones.

How to Add a Nominee in SBI FD

SBI offers convenience to you when you want to add a nominee to your fixed deposit. You can choose between online banking and visiting the bank's branch.

Option 1: How to Add a Nominee in SBI FD Online

You can add a nominee to your SBI FD through OnlineSBI or the YONO SBI app, following these steps:

• Step 1: Log in to the OnlineSBI or YONO SBI application using your credentials.
• Step 2: Go to Request & Enquiries > Online Nomination in OnlineSBI, or Services & Request > Account Nominee > Manage Nominee in the YONO SBI app.
• Step 3: Select the SBI FD account for which you want to add a nominee.
• Step 4: Enter the nominee's details, including their name, date of birth, address, and relationship.
• Step 5: Submit the nomination request. If prompted, enter the OTP sent to your registered mobile number.
• Step 6: Confirm request. After processing, nominee details will be added to your SBI FD.

Option 2: Adding a Nominee in SBI FD Offline

In case you have not availed of the internet banking service, you may add a nominee in your SBI branch as well:

• Step 1: Visit your SBI home branch and ask for a Form DA1.
• Step 2: Complete information about your account.
• Step 3: Add basic details of the nominee (name, address, if any, age, date of birth if the nominee is aged 18 or below).
• Step 4: Sign the completed form.
• Step 5: Submit the completed Form DA1 at your SBI home branch. Carry your identity proof if requested by the bank. 
• Step 6: As per the information processed, the nominee will be assigned to your SBI FD.

This may be ideal for seniors or people who prefer to use an offline service.

Important Points to Remember

These are the points to keep in mind before adding/updating a nominee to your SBI Fixed Deposit:

• Maximum Four Nominees: An SBI Fixed Deposit can have up to four nominees. If there are multiple nominees, you can specify the share for each nominee.  
• Minor Nominee: It is possible to nominate a minor. If so, you will have to give the information of a major guardian who will receive the proceeds in the minor's name.
• Nominee Can Be Changed: It is also possible to add, change or cancel the nomination anytime with SBI Net Banking, YONO SBI Application or by going to the home branch.
• Nominee Is Not the Legal Owner: A nominee receives the FD proceeds from the bank. The final ownership of the funds will be determined depending on the applicable rules for inheritance and/or succession.
• For Nominations: Fixed Deposit nominations can be done while opening a new FD with SBI. This will make the claim settlement with the family easier.

Key Takeaways

Adding a nominee is a simple yet important step to be done after opening an SBI Fixed Deposit at applicable SBI FD rates. It safeguards your family against a financial strain in the event of any type of surprise episode. It’s easy and quick, whether you go online or in person. The nominee will be able to avail the FD amount with the applicable interest on an account basis through the claim settlement process of SBI. Whoever inherits or needs to bequeath the amounts will follow the law of inheritance or succession.