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Thanks to digital advancements, opening a Non-Indian Resident (NRI) bank account has become as simple as ABC. But do you know about the importance of nominations in bank accounts?
Let us understand why a nominee is important, what NRI account nomination is, and why it is essential.
What is a nomination in an NRI bank account?
Nomination is the process of naming an individual to receive the balance of your NRI account after your passing. A nomination makes fund transfers easy in the event of the account holder's absence.
However, a nominee is not the same as a legal heir. While the nominee is the custodian of the funds, the legal heir is the beneficiary or end user.
Why is nomination important?
Nomination in an NRI bank account is important for the following reasons:
- The NRI bank account balance is transferred to the right person without legal hassles
- Your dependents can get easy and instant fund access if they are your nominees
- A nomination prevents the account balance from being transferred to unclaimed funds
For a better understanding, here’s what will happen with and without a nominee:
Without a nominee |
With a nominee |
Your legal heirs get a succession certificate from the court to claim the account balance |
Your nominee can claim the account balance for quick and instant transfers |
The process is lengthy, time-consuming, and cumbersome |
The bank transfers the funds to the nominee’s account automatically |
5 Things you should know about NRI nomination
Nominations, though simple, have some important aspects you should be aware of. Facts such as who can be nominated, how to nominate, and updating nominee details can facilitate easier financial management. Let’s look at the five important aspects of NRI bank account nomination:
1. Who can be a nominee for my NRI bank account?
You can nominate your spouse, child(ren), parents, or any relatives. The nominated individuals can be Indian residents, Non-Resident Indians (NRIs), or minors.
In case of a minor, you should also appoint a guardian. The guardian will receive the account balance on behalf of the minor in your absence until they become of age, usually 18 years.
2. How many nominees can I add to my NRI bank account?
IDFC FIRST Bank allows you to nominate one individual for your NRI account.
3. How to add a nominee to my NRI bank account?
You can add a nominee online or offline. You can complete online nomination through your net banking account, or when opening the account digitally. For offline nominations, you will have to visit the bank’s branch.
Banks like IDFC FIRST Bank simplify this process by involving a relationship manager through just a few steps online.
4. Can I add or change a nominee after opening my NRI bank account?
Adding or changing a nominee to your NRI bank account is not binding. You have complete flexibility in managing who gets access to your money.
5. Can I have a nominee for my joint NRI accounts?
If you have a joint NRI account, the account holders can jointly nominate an individual.
Mistakes to avoid in nomination
When adding or updating a nominee, it's important to avoid common mistakes. Here's what to watch out for—and the right steps to take:
Common mistakes |
How to avoid them? |
Not informing the nominee |
Always inform the individual that you have nominated them to be your bank account representative |
Not updating nominee details |
If the current nominee is not available any more or if you want to change the nominee for any reason, you should update the details at your earliest convenience |
Not mentioning allocation ratios in the case of multiple nominees |
Always specify the percentage of the account balance to be transferred to each nominee |
Make financial planning easy with a nomination
By now, you have a clear understanding of what NRI account nomination is, how it works, and the benefits it offers. The next step is simple—add or update a nominee in your NRI account today. This small action can make a significant difference, ensuring the smooth management of your account in your absence while providing your loved ones with peace of mind.
If you're looking for a hassle-free way to nominate someone, consider IDFC FIRST Bank NRI Banking Services. With user-friendly features designed for global access, you can add or update a nominee in just a few easy steps—anytime, anywhere. It’s quick, convenient, and secure banking made effortless.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.