Don’t forget this step: How to add a nominee to your bank account, mutual funds and EPF online

For mutual funds, you can update nominations through the fund house website or through registrar platforms such as CAMS or KFINTECH

• Adding a nominee can be done online for banks, MFs, and EPF.
• Nomination ensures easy access to funds for your family.
• You can update or change nominees anytime through online portals.

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This is one of those things most of us keep postponing. We open accounts, start SIPs, build an EPF balance over years and then forget to add a nominee. It feels like paperwork. But if something unexpected happens, this one small step decides how smoothly your family can access your money.

The good part is that you no longer need to visit branches for most of it. You can do it sitting at home.

Adding a nominee to your bank account

Almost every bank today lets you update nominations through internet banking or the mobile app.

Log in and look for options like “Service Requests” or “Update Nominee.” Select the account and enter the nominee’s details, including name, date of birth, relationship and address. If the nominee is a minor, you will have to add a guardian’s details too.

You will usually receive an OTP to confirm the request. Once verified, the bank processes it and sends a confirmation message or email. If you have more than one account, make sure you check each one separately. Many people assume it applies to all accounts automatically. It usually does not.

Registering a nominee for mutual funds

For mutual funds, you can update nominations through the fund house website or through registrar platforms such as CAMS or KFINTECH.

Log in using your PAN and OTP. Under your folio details, you will find the nomination section. You can nominate up to three people and specify the percentage each should receive. Once submitted, you will get a confirmation.

SEBI has made nomination compulsory unless you explicitly opt out. If you have not done this yet, it is worth reviewing your folios.

Adding a nominee in EPF

For EPF, visit the EPFO Member e-Sewa portal and log in with your UAN and password.

Under the “Manage” tab, click on “E-Nomination.” First confirm your family details. Then add nominee information, including Aadhaar details and relationship. You can divide the EPF amount among multiple nominees if you want.

After entering the details, you must e-sign using Aadhaar OTP authentication. Only after this step is completed does the nomination become valid.

It is also a good idea to review your nominations after major life changes like marriage or the birth of a child. Many people forget to update old nominations for years.

FAQs

1.  What if I do not add a nominee?

Your family will have to go through a legal process to claim the money. It can involve extra documents and delays.

2. Can I change the nominee later?

Yes. You can update or replace the nominee anytime online.

3.  Is a nominee the final owner of the money?

A nominee receives the money on behalf of the legal heirs. Final ownership depends on succession laws and whether you have made a will.