Bank Account Nomination- A Vital Step for Financial Peace of Mind

Picture a world where your loved ones keep all unnecessary financial hassles at bay and lead a joyous life. This picture can be turned into reality with Bank of Maharashtra nomination facility. Through this blog, let us delve into the intricacies of nomination facility and know its significance.

What is Nomination -

Nomination facility allows bank account holders to designate an individual (a nominee) who will be entitled to receive the account’s funds in the unfortunate event of the account holder’s demise. In other words, it means adding a person as the account’s beneficiary.  In case of the account holder’s unfortunate demise, the nominee receives the funds available in the account. This feature is applicable to deposit accounts which are opened in individual capacity such as saving account, current account, fixed deposit, recurring deposit, SCSS (Senior Citizen Saving Scheme), PPF (Public Provident Fund), lockers account which are operated as self or jointly.

Let’s see the importance of Nomination and the ways to register nominee in an account.

Why Nomination is Important-

• Nomination ensures that in the event of unfortunate demise of account holder aggrieved family can be assisted by bank in short time without following the cumbersome legal procedure of settlement of deceased claims.
• Seamless transition of assets: Nomination feature assists you to avoid delays or disputes regarding the distribution of your assets and also saves you from lengthy process of documentation
• Provides financial protection for Nominee: The nominee can have the immediate access to funds in case of the account holder’s unprecedented demise, securing the nominee from financial adversities.
• Avoids Legal Complications: This facility assists to avoid potential disputes amongst the heirs.

Who can be your Nominee-

• Any individual above 18 years of age
• You can even nominate a Minor with a guardian

Ways to Register a Nominee

There are four ways to nominate a person to your Bank of Maharashtra account – Mobile Banking, Internet Banking, Website and Branch.

In order to nominate, follow below steps through your preferred mode.

Nomination through Internet Banking:

1.      Login to mahaconnect.in

2.      Navigate to ‘My Accounts’

3.      Select ‘View/Update Nominee’

4.      Choose the specific account and click ‘Add Nominee’

5.      Enter the nominee details along with your transaction password and submit

Nomination through Mobile Banking:

1.      Open Mahamobile Plus app

2.      Select ‘Account Details’

3.      Tap ‘Update Nominee’

4.      Enter nominee details along with the transaction pin and submit

Nomination through Bank of Maharashtra official website:

1.      Visit https://bankofmaharashtra.in

2.      Select ‘Nomination’

3.      Click ‘Online Nomination’ button

4.      Enter account number, hit ‘Validate’ and enter the OTP received on your phone via SMS.

5.      Enter the nominee details and submit

Nomination by Visiting Home Branch:

1.      Visit your home branch where you are having the account

2.      Submit the nomination form in person

When managing your finances, ensuring the security and proper handling of your assets, one key aspect that often goes overlooked is the nomination for bank account. Nominating someone for your bank account is simple yet paramount step in financial planning. It ensures that your loved ones can access your funds smoothly without any legal complications. By acting proactively to nominate, you can ensure your financial legacy is handled according to your wishes.

Author: Bank of Maharashtra
Date of Publish: 18 Jul, 2024