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Appointing a nominee ensures your savings go to the right person without legal hassle.
You can easily update nominees for your bank, EPF, and mutual fund. (Representative Image)
Appointing a nominee for your financial accounts is one of the most important steps in protecting your family’s future. A nominee is the person who will receive your money, whether it is in your bank account, mutual fund, or provident fund, after your death.
If you haven’t added a nominee, your family may face lengthy legal processes to claim the money. The good news is that most banks and financial platforms now let you update this online in just a few steps.
Adding a Nominee for Your Mutual Funds
If you invest in mutual funds using apps like Zerodha, Groww, Paytm Money, or websites like CAMS or KFintech, adding a nominee is also simple.
– Log in to the app or platform you use.
– Go to your profile settings or the nominee details section.
– Fill in the nominee’s name, date of birth (DoB), and relationship.
– If the nominee is a minor, you will need to enter guardian details too.
– Confirm the nomination using an OTP or e-sign it using Aadhaar.
Once it is submitted, you will be notified by the platform. As per SEBI rules, all mutual fund folios must either have a nominee or an official opt-out declaration. Without this, you may not be able to make future transactions.
Adding a Nominee for Your Bank Account
Most Indian banks now allow you to register or update a nominee through internet banking or their mobile apps.
– Log in to your bank’s app or website.
– Go to “Service Requests” or “Account Services.”
– Look for the “Register/Update Nominee” option.
– Enter the nominee’s name, date of birth, relationship with you, and contact information.
– Confirm the request using the OTP sent to your registered mobile number.
Once the nomination is done, you will get a confirmation message via SMS or email. You can change or update your nominee anytime. However, in joint accounts, you may need all account holders to agree on the nominee change.
Updating Your EPF Nominee Online
If you are a salaried employee, your EPF account also needs a nominee. This can be done easily through the EPFO member portal.
– Go to the EPFO website.
– Log in using your UAN and password.
– Click on the “Manage” tab and select “e-Nomination.”
– First, update your family details.
– Then add your nominee(s) and assign a percentage share to each.
– Finally, verify and e-sign using the OTP sent to your Aadhaar-linked mobile number.
Your employer’s approval is not needed, and the change is updated immediately.
Do This Now, Save Trouble Later
Having a nominee in place for your financial accounts can save your family from stress and legal delays if something happens to you.
Since all nomination processes are now digital and quick, it is a good idea to log in and check if your accounts are updated. You can make changes anytime, so take a few minutes now; it could make a big difference later.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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Delhi, India, India
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