Nominations are the fastest bridge between your money and your family when something goes wrong. They don’t override your will, but they let institutions release funds quickly to the person you’ve named. Over the years, accounts change, folios multiply, and rules get updated. A short, methodical review once a year prevents frozen accounts, missing paperwork and avoidable claims drama.
Start with a single master list
Begin by writing down every place your money is: bank accounts, fixed deposits, PPF, post office schemes, demat and trading, mutual fund folios, NPS, EPF, insurance policies, company stock schemes, bonds and debentures, and even wallets with balances. List policy or account numbers, provider names, and the current nominee you believe is listed. This is your control sheet to tick off what's done, what's still to be done, and what has to be changed.
Check nominations where you bank
Log into each bank app and check nominee for savings, term deposits and lockboxes. If the bank does not show nominees on the web, place a service request or visit a branch with KYC. Where life has changed—marriage, divorce, a death—fill in a fresh nomination form rather than relying on an earlier record. In joint accounts, decide if you want a nominee alongside the surviving holder and note the decision down.".
Clean up investments and demat
Open your demat and trading account profile and verify the nominee details, including percentage allocations if you have nominated more than one individual. For mutual funds, verify each folio at the registrar portal and ensure that the nominee names are as per your wish in all schemes and not just in the first folio opened. If you have bonds or debentures through brokers or directly from issuers, verify nomination at the demat level as well as issuer level if possible.
Reform retirement and benefits accounts
On EPFO website, verify e-nomination and keep Aadhaar-linked nominee details current; incomplete details will hold up claims. For NPS, verify CRA account to ensure nominee percentages separately for Tier I and Tier II; modify if family situation has changed. For gratuity or group life employer benefits, ask HR for latest nomination form in record and modify if prior to family changes.
Regulate government and insurance plans
Open health and life policy for each and confirm nominee and relationship exactly as on ID documents. In case a nominee has been through marriage and name change, update the policy so insurer records are consistent. For NSC or post office savings, PPF, SCSS, confirm nomination status by checking passbook or online account and file or update Form(s) accordingly. Where the minors are nominees, appoint or alter a guardian, and state when the minor will be major so that you can have records updated.
Document, share and keep
Once updated, save thanks in one folder and record date, contact info and method of claims for each institution. Let your spouse or executor know where this packet is located—on paper and on computers. If you have a will, ensure your nominations and gifts don't contradict each other; where they do, refer to law in order to avoid disputes, and record reason in simple language.
FAQs
Does a nominee necessarily own my assets?
A nominee is usually a trustee for rapid delivery in most assets and the money finally rests with lawful heirs based on your will or inheritance statute. Use clear nominations for speed and a will for final distribution, and keep them uniform to prevent controversy.
Do I need to do a new nomination on marriage or a name change?
Yes. Any change of life—marriage, divorce, birth, death, relocation, or name change—warrants fresh nominations in all regards so accounts will match identity documents and your current intention.
What if my account doesn't show a nominee online?
Hold it as no nomination until a written confirmation is given. Raise an application, complete the form with KYC, and retain the acknowledgment. Check once again after seven days and update your master list so that your family is not left puzzled later.
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