Frequently asked questions on Nomination
Who can nominate?
Nomination can be made only by individuals holding beneficiary accounts on their own behalf either singly or jointly. Non-individuals including society, trust, body corporate, partnership firm, karta of Hindu Undivided Family, holder of power of attorney cannot nominate.
Can joint holders nominate?
Yes. Nomination is permitted for accounts with joint holders. But, in case of death of any of the joint holder, the securities will be transmitted to the surviving holder(s). Only in the event of death of all the joint holders, the securities will be transmitted to the nominee.
Can a NRI nominate?
Yes, NRI can nominate directly. But, the power of attorney holder cannot nominate on behalf of NRI.
Who can be a nominee?
Only an individual can be a nominee. A nominee shall not be a society, trust, body corporate, partnership firm, karta of Hindu Undivided Family or a power of attorney holder.
Can there be more than one nominee?
No, at present only one nomination can be made for one depository account.
Can a minor be a nominee?
Yes, a minor can be a nominee. In such a case, the guardian will sign on behalf of the nominee and in addition to the name and photograph of the nominee, the name, address and the photograph of the guardian must be given.
Can separate nomination be made for each security held in a depository account?
No separate nomination cannot be made for each security. Nomination can be made account wise and not security wise.
Can a NRI be a nominee?
Yes. NRI can be a nominee subject to the exchange control regulations in force from time to time.