IDBI Bank Annexure 1 – Form for nomination, cancellation & variation of nominations in respect of Bank Deposit Download

The provided PDF document is Annexure-I of IDBI Bank, which serves as a comprehensive Form for Nomination, Cancellation of Nomination, and Variation of Nomination for bank deposits (p. 1).

Customers can choose between two main structures when naming beneficiaries (p. 1):

• Simultaneous Nomination: Allows naming up to four nominees at once (p. 1). The customer must define specific allocation percentages for each person, totaling exactly 100% (pp. 1-2).
• Successive Nomination: Allows naming up to four individuals ranked in a strict order of priority (p. 1). A lower-ranked nominee only becomes eligible after the death of all higher-ranked nominees (pp. 1-2).

Specific safeguards are in place if a named beneficiary is under the age of majority (p. 2):

• Guardian Details: If any nominee is a minor, the form requires the guardian’s name, relationship to the nominee, address, and contact information (p. 2).
• Minor Accounts: If the actual bank deposit itself is held in the name of a minor, a legally authorized adult must sign the nomination form on their behalf (p. 2).

The bank cannot force a customer to opt into this facility (p. 1):

• Opt-Out Declaration: Customers can explicitly choose not to declare a nominee at the time of account opening (p. 1).
• No Restrictions: If a customer opts out, the bank must still open the deposit account without imposing any restrictions, provided a written opt-out declaration is signed (p. 1).
• Refusal Tracking: If a customer refuses to provide even the written opt-out confirmation, the branch head will officially record that refusal within the account records (p. 1).

The form governs how past decisions are updated and authenticated (p. 2):

• Cancellation & Variation: Section 3 formally allows customers to cancel or vary existing instructions (p. 2). Filing a new form automatically supersedes and cancels all prior nominations made for those specific accounts (p. 2).
• Thumb-Impressions: For individuals who cannot read or write, a thumb impression replaces a standard signature (p. 2). This layout must be attested by two physical witnesses who provide their names, signatures, addresses, and dates (p. 2).
• Electronic Submission: The form explicitly highlights that customers can submit these details electronically (e-nomination) if the bank’s digital platform supports it (p. 2).

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