In Deposit Accounts
PNB offers nomination facility in deposit accounts, locker facility, safe custody etc.
In an unfortunate event of the death of a depositor , nomination enables the bank to :
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make payment to the nominee of a deceased depositor, of the amount standing to the
credit of the depositor,
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return to the nominee, the articles left by a deceased person in the bank`s safe
custody,
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release to the nominee of the hirer, the contents of a safety locker, in the event
of the death of the hirer.
Without insistence on a succession certificate or probate of the will from the legal heirs
of the deceased account holder/customer.
Salient Features of the Nomination Facility
Deposit Accounts:
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Nomination facility is available in all type of Deposit Accounts opened by the
individuals. Nomination is also available to a Sole Proprietary Concern Account.
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Nomination can be made in favour of one person only.
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Nomination favouring the minor is permitted on the condition that the account
holder, while making the nomination, appoints another individual not being a minor,
to receive the amount of the deposit on behalf of the nominee in the event of the
death of the depositor during the minority of the nominee.
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Nomination can be made only in respect of a deposit which is held in the individual
capacity of the depositor and not in any representative capacity such as the holder
of an office like Director of a Company, Secretary of an Association, partner of a
firm, Karta of an HUF. and the like.
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In the case of a deposit made in the name of a minor, nomination shall be made by a
person lawfully entitled to act on behalf of the minor.
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A nomination will continue to be in force even on renewal of a term deposit, unless
specifically cancelled or changed.
Who can Nominate?
Deposit Accounts:
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Bank account holders having deposit accounts in their individual names or, in joint
names of two or more individuals.
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A person lawfully entitled to act on behalf of the minor in respect of a deposit
account.
How to Nominate?
Specific forms are provided for availing of nomination facility. The account holder/customer
will have to fill in the relevant form. The bank will acknowledge in writing to the
concerned account holder/customer, the receipt of the nomination form and the nomination
will be registered in the books of the bank.
Cancellation of, Variation in, Nomination
Cancellation of or variation in, the nomination can be made at any time as long as the
account is in force. While making nomination, cancellation or change thereof, it is not
required to be attested by witnesses, however, in case of thumb impression of the account
holders obtained on nomination forms, are required to be attested by two witnesses.
Nomination can be modified by the consent of account holder/s.
When the Nominee Makes a Claim
In order to ensure that the deposits/articles, are handed over to the genuine nominee, the
bank will insist on
Proof of death of depositor
A death certificate or any other satisfactory mode of proof of death acceptable to the bank,
will have to be furnished.
Identity of the nominee
A claim format establishing the claim of the nominee duly certified by
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a Magistrate or Judicial Official or
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an Officer of the Central or State Government or
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an Officer of a bank or
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two persons acceptable to the bank who will act reference.
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Customers (new as well as existing) are advised to avail nomination facility, if
they have not availed so far.