Recharge
Pay Bills
Fee Collections
Pay Taxes
Net Banking
Purpose:
J&K Bank offers nomination facility in deposit accounts, locker facility, safe custody etc. In the unfortunate event of the death of a depositor, nomination enables the bank to:
- make payment to the nominee of a deceased depositor, of the amount standing to the credit of the depositor.
- return to the nominee, the articles left by a deceased person in the bank`s safe custody,
- release to the nominee of the hirer, the contents of a safety locker, in the event of the death of the hirer.
- Without insistence on a succession certificate or probate of the will from the legal heirs of the deceased account holder/customer.
Scope:
- Nomination facility is available in all type of Deposit Accounts opened by the individuals. Nomination is also available to a Joint/Sole Proprietary Concern Account.
- Nomination can be made in favour of one person only.
- Nomination favouring the minor is permitted on the condition that the account holder, while making the nomination, appoints another individual not being a minor, to receive the amount of the deposit on behalf of the nominee in the event of the death of the depositor during the minority of the nominee.
- Nomination can be made only in respect of a deposit which is held in the individual capacity of the depositor and not in any representative capacity such as the holder of an office like Director of a Company, Secretary of an Association, partner of a firm, Karta of an HUF. and the like.
- In the case of a deposit made in the name of a minor, nomination shall be made by a person lawfully entitled to act on behalf of the minor.
- A nomination will continue to be in force even on renewal of a term deposit, unless specifically cancelled or changed.
- In the case of a joint deposit account, the nominee's right arises only after the death of all the depositors.
Who Can Nominate?
- Bank account holders having deposit accounts in their individual names or, in joint names of two or more individuals.
- A person lawfully entitled to act on behalf of the minor in respect of a deposit account.
How To Nominate?
Specific forms are provided for availing of nomination facility. The account holder/customer will have to fill in the relevant form. The bank will acknowledge in writing to the concerned account holder/customer, the receipt of the nomination form and the nomination will be registered in the books of the bank.
Cancellation/Modification
Cancellation of or variation in the nomination can be made at any time as long as the account is in force. While making nomination, cancellation or change thereof, it is not required to be attested by witnesses, however, in case of thumb impression of the account holders obtained on nomination forms, are required to be attested by two witnesses. Nomination can be modified by the consent of account holder/s.
Witness in nomination forms
Reserve Bank of India has clarified the signature of the account holders need not to be attested by witness. Only the thumb-impression(s) of the account holder/s shall be attested by two witnesses on the nomination forms prescribed under banking nomination rules, 1985.
When the Nominee Makes a Claim
In order to ensure that the deposits/articles, are handed over to the genuine nominee, the bank will insist on
Proof of death of depositor
- A death certificate or any other satisfactory mode of proof of death acceptable to the bank, will have to be furnished.
- Identity of the nominee.
Settlement Of Claims For Various Types Of Operational Instructions in Deposit Accounts With Nomination
Account in the Name of |
Operational Instructions |
Nominee |
Situation |
What is to be done |
A |
Self |
X |
X dies |
A can change the nomination |
A |
Self |
X |
A dies |
X will receive the available Balance |
A, B |
Either or Survivor |
X |
A dies |
Balance available will be payable to B. |
A, B |
Either or Survivor |
X |
B dies |
Balance available will be payable to A. |
A,B |
Either or Survivor |
X |
A & B dies |
X will receive the available |
A,B |
Jointly |
X |
A dies |
Payable to B and legal heirs of A jointly |
A,B |
Jointly |
X |
B dies |
Payable to A and legal heirs of B jointly |
A,B |
Jointly |
X |
A & B dies |
Payable to X |
Nomination facility in Safe Deposit locker
When the safe deposit locker facility is extended to customers, it is advisable to obtain a nomination, more especially where the locker is held in a single name. Nomination will enable the bank to release the contents/securities/articles of a locker to the nominee(s) of the hire(s), after making an inventory of the contents of the locker and obtaining the discharge of the nominee thereon.
In the case of sole hirer of a locker, the nomination can be made in favour of only one person. Similarly, in the case of locker hired jointly with one or more persons with mode of operation as “Any one of the hirers”, nomination is permissible only in favour of one person.
If a locker, hired by two or more persons, is to be operated under the joint signatures of two or more of them, such hirers may nominate one or more persons to whom in the event of death of any such hirer or hirers, the bank may give the nominee (s), jointly the with surviving joint hirer or joint hirers, as the case may be, access to the locker and liberty to remove the contents of such lockers. The number of nominee in such cases should be restricted to the number of joint hirers.
Settlement Of Claims for Various Types Of Operational Instructions in Safe Deposit Lockers With Nomination
Locker in the Name of |
Operational Instructions |
Nominee |
Situation |
What is to be done |
A |
Self |
X |
X dies |
A can change the nomination |
A |
Self |
X |
A dies |
X will be given access to the locker and liberty to remove contents |
A,B |
Jointly |
X |
A dies |
B and X will be given access to the locker and liberty to remove contents jointly. |
A,B |
Jointly |
X |
B dies |
A and X will be given access to the locker and liberty to remove contents jointly |
A, B |
Jointly |
X |
A & B dies |
X will be given access to the locker and liberty to remove contents. |
A,B |
Jointly |
X & Y |
A dies |
B along with X and Y will be given access to the locker and liberty to remove contents jointly |
A, B |
Jointly |
X & Y |
B dies |
A along with X and Y will be given access to the locker and liberty to remove contents jointly. |
A,B |
Jointly |
X & Y |
A & B dies |
X and Y jointly will be given access to the locker and liberty to remove the contents |
Nomination Forms for deposit accounts, articles kept in safe custody and contents of safe deposit lockers, forms for cancellation and variation of the nominations. List of these forms are mentioned hereunder:
Form DA1 |
|
Form DA 2 |
|
Form DA 3 |
|
Form SL 1 |
|
Form SL 1A |
Nomination by joint hirers in respect of safe deposit locker |
FORM SL 2 |
Cancellation of nomination in respect of safe deposit locker. |
FORM SL 3 |
|
Form SL 3A |
Variation of nomination by joint hirers in respect of safe deposit locker. |
