Appoint Nominee Online: Choosing someone to get your money after you’re gone is one of the smartest and most caring things you can do for your family. Whether it’s your savings account, mutual fund investment, or EPF money, having a nominee means the right person will receive your money without delay.
If you don’t mention a nominee, your family will need to go through courts and long paperwork just to get what’s rightfully theirs. Luckily, nowadays, almost everything can be done online so it’s fast and simple.
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How to Appoint a Nominee in Bank Account?
If you have a bank account in any big Indian bank, you can just log in to your net banking or mobile app and do the nomination yourself.
- After you log in, you can find options like “Service Requests” or “Account Services.”
- From there, you’ll see something like “Register Nominee” or “Change Nominee.” You just need to fill in the name of the person you want to nominate, their date of birth, their relationship to you, and maybe their phone number or email.
- Once you send in the form, they may ask you to confirm using an OTP.
- After it’s confirmed, you’ll get an SMS or email saying the nomination was successful.
You can change it any time you want. But if your account is a joint one, the bank might ask all the account holders to agree before changing the nominee.
How to Nominate in Mutual fund?
Mutual fund investors can do it online too. If you use platforms like Groww, Zerodha, Paytm Money, or the main websites of companies like CAMS or KFintech, it’s all online now.
- After logging into your mutual fund account, go to the section where you can update your profile or nomination.
- Add the name, date of birth, and relationship of the person you want as a nominee.
- If it’s a child, you’ll have to give guardian details too. You may need to complete the process by entering an OTP or using Aadhaar e-sign.
Once it’s done, you’ll get a message confirming that your nominee has been added. SEBI now says you must have a nominee for every investment folio, or clearly say you don’t want one. If you don’t do this, they might stop you from making new investments or changes.
How to Nominate in EPF?
For EPF (Employee’s Provident Fund), the process is also online and quite easy. You need to go to the EPFO member portal and log in using your UAN (Universal Account Number) and password. Click on the “Manage” tab and then choose “e-Nomination.”
- You’ll have to add the names and details of your family members.
- Then you can pick one or more people as nominees and choose how much each person should get, like 50% and 50%, or 100% to one person.
- After filling everything, you need to e-sign using your Aadhaar-linked mobile number and OTP. There’s no need for your employer to approve this, and the changes will take place right away.
Having the right nominee set for all your financial accounts is something that can save your family a lot of time, stress, and money during a very difficult period. It takes just a few minutes to do this online, whether for your bank account, your EPF money, or your mutual fund investments. You can also check and change the nominee anytime if your plans or situations change.
