Indian Bank Nomination Form for Deposits, Locker and Safe custody
Indian Bank Nomination Form for Deposits, Locker and Safe custody from Download
Based on the provided document, here are the key highlights and core parameters of the Indian Bank Nomination Form for Deposits, Lockers, and Safe Custody:
🎯 Scope and Applicability
- Multi-Service Use: This single form covers the nomination, cancellation of nomination, or variation of nomination for bank deposits, articles left in safe custody, or safety lockers (Nomination… p. 1).
- Governing Regulation: Formulated under Sections 45-ZA, 45-ZC, and 45-ZE of the Banking Regulation Act, 1949, and the Banking Companies (Nomination) Rules, 2025 (Nomination… p. 1).
- Minor Accounts: If a deposit or locker belongs solely to a minor, the form must be signed by an individual lawfully entitled to act on their behalf (Nomination… p. 4).
👥 Nominee Structure (Up to 4 Nominees)
- Simultaneous Nomination: Customers can nominate up to four individuals simultaneously (Nomination… p. 2). They must explicitly define the percentage share for each person, and the total across all nominees must equal exactly 100% (Nomination… p. 2).
- Successive Nomination: Customers can choose an alternative order of priority (up to four nominees) (Nomination… p. 2). A nominee lower down on the list only becomes eligible to claim the assets after the death of all preceding higher-priority nominees (Nomination… pp. 2, 4).
- Asset Allocation Limits: Defining percentage shares (Column H) is only applicable to bank deposits (Nomination… p. 2). It cannot be used for physical articles in safe custody or safety lockers (Nomination… p. 2).
🛡️ Guardian and Illiterate Signatory Rules
- Minor Nominees: If any of the chosen nominees are minors, the customer must fill out Section 4 providing the Guardian’s name, relationship, address, and contact details (Nomination… p. 3).
- Illiterate Signatories: If a customer cannot read or write, they must use a thumb impression in place of a signature (Nomination… p. 3). This impression must be attested by two witnesses (Nomination… p. 3).
🔄 Supersession & Submission
- Automatic Cancellation: Submitting a new nomination details sheet automatically supersedes and cancels all prior nominations linked to those specific accounts or lockers (Nomination… p. 3).
- Electronic Option: The bank permits this form to be completed and submitted digitally via its e-nomination system where enabled (Nomination… p. 4).
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