Yes,
you can add any family member or close relatives as a nominee in your NRE
account. Almost all the banks, both public sector like SBI, Bank of Baroda and
private sector banks e.g. ICICI, HDFC, Axis Bank provides nomination facility.
This is one thing many NRI customers either avoid doing it or they just don't
know about it, but I strongly suggest you have a nomination in all of your
bank accounts, not just the
NRE, NRO or FCNR account. Nomination allows hassle-free transfer of funds in case of any unfortunate
things because the last thing you want your family members or dependent on
spending month and year to claim your hard earned money from banks.
It's also good to know some important details about the nomination in your NRI
bank account e.g.
you cannot nominate more than one person for an NRE account. At most,
only one person can be nominated to an account but you can have different
nominees on a different account. Let's see some more details about the
nomination in
NRE and NRO bank accounts.
Nomination in NRE saving account and Fixed Deposits
Here are some important details about nomination in general and NRI banking
account in particular:
1. Since many NRIs open NRE saving account for investing in NRE fixed deposit, they often ask me a question that whether they need to specify nominee every time they open a new NRE FD. Well, it depends upon the bank.
1. Since many NRIs open NRE saving account for investing in NRE fixed deposit, they often ask me a question that whether they need to specify nominee every time they open a new NRE FD. Well, it depends upon the bank.
So if a bank gives you the option to fill nomination detail online then you
should do that but most of the banks like ICICI allows you to give a one-time
instruction to make the nominee application for all accounts. Which means you
don't need to go through same procedure every time you open a new
NRE or NRO fixed deposit.
2. Though it's legal to declare no nominee on your NRE account, I strongly advised against this because there is huge money lying on banks whose holders are no longer alive but since their dependents and family member doesn't know about it, the money will end up with bank or government.
2. Though it's legal to declare no nominee on your NRE account, I strongly advised against this because there is huge money lying on banks whose holders are no longer alive but since their dependents and family member doesn't know about it, the money will end up with bank or government.
You must keep your investment detail organized and inform your close family
member like mother, father or wife about your investment, and always have the
nomination in bank accounts and fixed deposits.
3. If you want to change the nomination than yes you can change or update the nominee, many bank provides an online form which you need to fill e.g. ICICI and HDFC bank and courier them or send the scanned copy from your registered email account. Just check your bank for the exact procedure.
4. When you first register a nominee or when you update the nominee then the nomination form has to be signed by all the account holders in the case of joint NRE accounts and witnessed simultaneously. A witness for the nomination form is mandatory in many bank like ICICI bank, which can be any person who knows both account holder and nominee.
5. Remember, only one nominee per account. You cannot nominate more than one person as a nominee in your NRE or NRO account.
Here is a nice summary of important points related to nomination in NRE saving account and fixed deposit:
3. If you want to change the nomination than yes you can change or update the nominee, many bank provides an online form which you need to fill e.g. ICICI and HDFC bank and courier them or send the scanned copy from your registered email account. Just check your bank for the exact procedure.
4. When you first register a nominee or when you update the nominee then the nomination form has to be signed by all the account holders in the case of joint NRE accounts and witnessed simultaneously. A witness for the nomination form is mandatory in many bank like ICICI bank, which can be any person who knows both account holder and nominee.
5. Remember, only one nominee per account. You cannot nominate more than one person as a nominee in your NRE or NRO account.
Here is a nice summary of important points related to nomination in NRE saving account and fixed deposit:
That's all about whether you can register nominees with NRI accounts or not. Yes, you can register/update/cancel nomination in NRE or NRO bank accounts just like resident saving account but you need to fill out the form and courier it to them from abroad. Once you have a nominee registered, the update would be simpler as you can also send the scanned copy of the completed form from your registered email id.
Other NRE Fixed Deposit articles you may like
- Difference between NRE and NRO Fixed Deposit in India?
- 10 Benefits of opening NRI Fixed Deposits in India?
- Can you Break NRE Fixed Deposit prematurely?
- Does Interest on NRE Fixed Deposit is Taxable?
- Can you add a nominee to your NRE or NRO Account?
- Difference between Resident and NRE fixed deposit
- Can you Open a Joint NRE or NRO Account with family?
- Which banks offer higher interest on NRE Fixed Deposits
- What happens to NRE fixed deposits when you return back to India?
- How to compare interest rates while opening NRE deposits
- When is a good time to interest in an NRE fixed deposit?
- Difference between Fixed and Recurring Deposit
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