Bank of Baroda offers many special features to their loyal customers. One of these special features is to register or update their nominee by filling up online forms and submitting them. With this, BOB’s customers will be able to add nominees without visiting the branch. They could do it from anywhere as long as they have an Internet connection.
All the bank account holders must know that the banks cannot pay their account balance at the time of death directly to the beneficiaries or relatives. To settle such cases, banks have started a scheme named as Nominated Account Holder Scheme (NAH).
Under this scheme, all the bank account holders have to nominate a nominee at the time of opening an account with any bank. In case of death of an account holder, the nominee will receive the balance amount from the respective banks without any hassle. The payout or transfer can be done by going to any branch or ATM of that particular bank only.
Minor can also be appointed as a nominee in a bank account. Someone who is below the age of 18 is termed as minor for this purpose. it is mandatory to mention the details of the guardian (who is above 18 years). In fact, minors can also be appointed as nominees in shares or mutual funds. If you wish to appoint a minor Need to know if you Choose minor as a nominee
Generally, when an individual (who is minor in age) receives an amount in his account, he does not have any authority to operate the account. He needs the guardian’s support for that.
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Steps to Change Nominee in BOB using net banking
It is a very short and simple step to change Nominee in BOB account online banking. In the benefit of this, there is no need to spend any money. Steps similar to following can be taken to change nominee in BOB account online banking.
Step 2: on Main dashboard click on “Service” option in main menu.
Step 3: In “Service Request” option Click “New request”.
Step 4: Click the Down arrow on “Accounts tab”.
Step 5: Now click on “All Accounts – Update Nominee Details”.
Step 6: On Following screen, Select your account type and account number and click continue.
Step 7: Next page fill in all the Details about nominee such as name, relationship, DOB and more, Click Continue.
Step 8: Verify your nominee details and Enter Transaction password, Click Submit.
Now you successfully update your nominee in your Baroda bank account.
Steps to Change Nominee in BOB using Mobile App
Changing the nominee is very easy with the BOB Mobile app. You just need to follow the below steps.
Step 1: Launch the bob world smartphone app. – How to activate & Register Mobile banking on Bank of Baroda
Step 2: Login using Your Login Pin.
Step 3: On the Dashboard, navigate to the “menu” at the bottom.
Step 4: In the Explore area, select “Request Service.”
Step 5: Swipe down to the Miscellaneous area, then select Nomination registration.
Step 6: Select Account number, click operation and then select modify from the popup menu.
Step 7: Complete all of the fields and click the Proceed button. In pop, hit the OK button.
Step 8: Check all of information and click Confirm.
Step 9: On the Popup, enter the Transaction PIN.
What is meant by nominee in Bank?
In case of death of the account holder, the nominee gets to use the entire balance in that account. In order to ensure smooth co-existence of nominees during the life span, it is mandatory to enter into a nomination certificate in favour of a nominee during the opening of an account with a bank.
How does nominee claim the account in case of account holder death?
The account holder who has appointed a nominee at the time of opening the account dies, the nominee will have to submit a death certificate to the concerned bank for claiming an account from the bank. The concerned bank will ask for original identity proof of the nominee including a photocopy of PAN Card/ AADHAAR card/ Driving Licence issued by any state transportation authority.
How much time does it take to update nominee in your account?
The account holder can apply to change the nominee in a well-detailed manner. The change in the nominee will require a time frame for completion which could be a couple of hours or in some cases few days. Banks also provide this facility when there is any mistake in the nomination done by the account holder in their application form.
You may now change Nominee in BOB using Mobile App. As for this post, I think it is the easiest and simple one if you get stuck with it. You can comment below if got any queries or are stuck on any step of the process to change the nominee in BOB mobile app, we will respond to you as soon as possible.