Important information regarding Nomination

   

1. What is Nomination?   Nomination is the facility available to account holders to name an individual to receive the proceeds of the account with minimal documentation after the demise of all the account holders.     2. What is the role of a Nominee?   - All account types except Demat account: The nominee has the right to receive the amount held in the deposit and is not the owner of the amount. The amount given to the Nominee will be distributed as per the laws of succession applicable to the deceased.   - Demat Account: The Nominee becomes the owner of the securities in the Demat Account. Securities are transferred to the nominee’s demat account after following the required process.     3. What is the process to appoint a Nominee to an account?   To appoint a Nominee to an account, all you need to do is fill and submit a Nomination form available at our branches.     4. Can I have more than one Nominee in an account?   The number of Nominee varies for different types of account. Certain accounts like Savings, Demat and Fixed Deposit can have only one Nominee; however accounts like PPF and Mutual Funds can have more than one Nominee.     5. What is the role of a Nominee in case of a Joint Deposit Account?   In the case of a Joint Deposit Account, the Nominee's right arises only after the demise of all the account holders.   To know more, please contact the Privilege Banker at your nearest ICICI Bank branch.

Disclaimer: ICICI Bank Limited is sharing this content for informing and educating its account holders. This content is meant solely for the purposes of providing information subject to applicable laws and regulations. This information applies to ICICI Bank and its account holders. ICICI Bank does not accept any responsibility for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out herein is subject to modification and may change materially.