How to Change and Check Nominee Details in SBI – Guide

Who is a Nominee?

A person who we list in our investment, policy or bank application as he/she will receive the funds or proceedings, invested money of your account in case of your untimely death. The nominee can be anyone you claim to be your first relative – be it your children, your parents, siblings, your spouse etc.

Why do we nominate someone?

If by chance some unfortunate event occurs be it someone’s demise, one’s family/ near ones go through a tough painful time and face difficulty coping up with emotional as well as financial loss. Financial security is so important in these times. It is necessary and required for the surviving partner or your dear ones. All banks and financial institutions have standard and simpler processes for settling death claims, where nomination is clearly mentioned in the account or folio.

cases where there is absence of nomination, then the process might take some time for settling a death claim. It may also require a host of documents such as  succession certificates, death certificate, a will or a court order. Although it may sound easier, but it usually ends up being a long stretched process in real. And no one would want to put their loved ones in such situations, which would anyways be an already emotionally painful situation for them.

SBI online banking provides you with the option of changing, cancelling and registering nomination details without even stepping your foot in the bank. In this article, we will see how to change nominee in SBI online in simple steps.

Requirements to change nominee in SBI –

  • SBI netbanking username.
  • SBI netbanking password.
  • Mobile number registered with the bank.
  • Mobile number must be active and should be able to receive OTP via SMS.

How to change Nominee in SBI online?

There are two steps which you need to perform. The first step is to cancel the existing nominee and then register for new nominee. We will see both the steps in detail –

1 – Cancel nominee in SBI Account

  • Visit SBI net banking website at – https://onlinesbi.com
  • There log in with your user id and password.
  • From the same page, click on the ‘Requests & Enquiries‘ option from the main menu.
  • From the new display, click on the ‘Online Nomination‘ option.
  • On the next page, you will see the ‘Cancel Nomination‘ tab and click on it.
  • Then choose whether it is the saving account or deposit account from the list displayed on the screen.
  • Now, tap on the “I accept the Terms and Conditions” button and then click on the ‘Submit’ button.
  • You will soon receive an OTP on your registered mobile number within few seconds.
  • Enter this OTP in the box on the screen and click on the ‘Confirm’ button.
  • You will notice the message  ‘Nomination is scheduled for cancellation‘ OR ‘your nomination is canceled‘ based on the time of application.
  • Wait for few minutes for the current nominee name to get canceled.
  • that’s it. Your nomination will get cancelled.

2 – Register new nominee in SBI account

  • After cancelling the nominee , you can go to the Register tab from the page.
  • Then select your account number (saving or deposit).
  • On the new page, enter the nomination details such as nominee name, phone number, relationship with the account holder, Address of Nominee, and few other details of the nominee etc.
  • An OTP will be sent to your active/registered mobile number.
  • Enter the OTP in the box present on the screen and then click on Confirm button.
  • The new nominee and his details will be added and linked to your account.

How to check nominee in SBI account online?

Once you are done getting your nominee change, you can again check your nominee details online which SBI bank provides at your fingertip. With SBI internet banking, you can avail all the banking facility and view or change the nominee name and details using your smartphone within few minutes. In this article, we will briefly see how one can check their account nominee in SBI account on the internet in a step-by-step manner.

Requirements for SBI nomination details in SBI online –

Things required for the SBI nomination online are;

  • Your SBI Username
  • Your SBI Internet banking password
  • Your valid and registered mobile number (incase you forget your username or password).

How to check nominee in SBI account online?

Here we will look at step-by-step bullet points on how to check nomination details for your sbi account on internet, your deposit accounts, and loan accounts.

  • Make sure you have a good internet connection with no glitches
  • Visit the official website of SBI net on your smartphone or computer at https://www.onlinesbi.com/
  • Visit the login page.
  • Insert your SBI Username & password on the login page.
  • Enter the Captcha code for verification and click the “Log in” button.
  • You will receive an OTP on your mobile phone which you’ll have to enter.
  • Once you log in, select the “Requests & Enquiries” option.
  • When the homepage appears, tap the “Online nomination” option.
  • Now select the “Inquire Nomination” tab
  • Then select the account (saving or deposit) and then click on the Continue button.
  • On the new display, check the box to accept the terms and conditions and then tap on the Continue button.
  • Finally you can have a look at the nominee name, phone number, Nominee address, and nominee’s relationship with the account holder.

 

Mostly Asked Questions :

Is it mandatory to have a nominee for fixed deposit?

Its advisable to have a nominee for a fixed deposit just to not have any legal hassles and to ensure your close one receives the amount invested in the account if any mishappening occurs or the untimely demise of the investor. But it is not mandatory from the bank’s side to have one.

What if the nominee is not registered in bank account?

If the depositor died and his savings account does not have a nominee registered and is also not in a joint account with someone, in this case bank will pay the money to the legal heirs. Hardcopy of the Death Certificate will be needed.(Original shall be verified by the Bank) also the KYC details of all the legal heir(s).

Can nominee withdraw money from fixed deposit?

is it possible for the nominee to break a fixed deposit?Well, no. Nominee is not allowed to break FD or interfere in the bank process if the investor is alive. However, in case of the death of the investor, all the account details will be under the nominee’s hold and can withdraw the cash from the investor’s account once he/she provides the identification proof.

How many nominees are allowed in savings account?

An account can have only one nominee at a time not more than that is allowed. A nominee in future will get the funds on death of the account holder, from the account.

 

Contact Details :

SBI Official Website : https://www.onlinesbi.com/

Customer Care numbers :-

  • Toll-free number: 1800 180 1290.
  • Tolled number: 1860 180 1290.

Email ID : e-mail: [email protected]

So this is how one can get their nominee change in their SBI bank account by net banking. Just follow the methods mentioned above and it will take just few minutes of yours to change and check your bank account nominee details without budging an inch.

If you have any doubts/queries regarding the information provided in this article, write to us in the comment section below.

If you think the above piece of information is valuable and informative then don’t forget to share it with your friends, family, colleagues and all the SBI account holders in your circle.

Thank you for reading!

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