State Bank nominee for fixed deposit (FD): How to change nominee in sbi fixed deposit online. How to Add Nominee in SBI For Fixed Deposit

How to Change/ Add SBI Nominee Online

SBI bank customers have access to numerous banking and financial products and services. The bank helps Indian residents invest and benefits from various products based on users’ preferences. The fixed deposit or Term deposit is among the best banking facility offered by SBI bank. The bank customer gets the privilege to save for a specific tenure from 7 days (min) to 10 years (max). The fixed deposit account provides users with better interest rates set by the SBI bank for the saved tenure.

For the State Bank fixed deposit (FD) account, the bank requires the user to select one person as an account nominee. The individual will act as the trustee if the account holder dies. The nomination facility allows banks to provide the rightful heir or nominee any funds left in the account.The SBI bank has several fixed deposit accounts that provide the nomination facility.

Types of SBI Fixed Deposit (FD)

• The Reinvestment plan
• SBI Multi-option Deposit scheme
• State Bank of India Tax saving scheme 2006
• State Bank Term Deposit.

SBI Nomination Facility

State Bank of India (SBI) provides customers with simple digital facilities to help in choosing or adding a nominee. The bank doesn’t limit the manual nomination process as customers can fill the DA1 form at any SBI bank branch.  The nomination platform allows for the following:

• All State Bank account holders should nominate a nominee for their accounts (all accounts).
• SBI bank accounts registered by individuals and joint groups need to have a nominee.
• The account user can only select one nominee for every account.
• The account holders have the right to cancel, change or add a new nominee anytime.
• SBI account nominees can only claim funds after the account user dies.
• New and existing customers must provide a nominee for their account (s).

SBI Nominee

A nominee is a legal trustee selected by the account user or holder to access funds if the user dies. The nominee is responsible for managing the funds for the heirs if they are minors until they are of age. A nominee can be a family member, friend, or anyone you trust.

How to Add Nominee in SBI For Fixed Deposit | Change Nominee in SBI FD

How to Add SBI Nominee Using SBI YONO Lite APP

SBI YONO Lite app is a banking feature designed by the SBI bank to fit mobile devices. The app helps SBI customers access any banking and financial services from smartphones anytime. SBI customers can use the application to change or add a new nominee to any account.

• Download and install the SBI YONO Lite app on your mobile device.
• Open and enter your sign-in credentials.
• On the page, click “services” >”online nomination.”
• Choose your account type and account number from the list provided.
• Next, click “register nomination” and key in the following details:
• Nominee’s name
• Date of birth
• Address
• Relationship with account user
• Review the information and click the “submit” button to complete the process.

How to Change or Add SBI Fixed Deposit Nominee Offline

To change or add a new nominee, the account user should visit the SBI bank branch. The bank executive will offer a nomination form. Here the user should fill in all required details such as the new nominee’s name, address, relationship, and more. The bank will review, approve and change or add the nominee.

FAQ’S

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