EFP nominee, how to appoint EPF nominee, mutual funds, personal finance Choosing a nominee for your financial accounts is the first and most crucial step towards securing your family's financial future. It helps your money—be it savings, mutual funds, or provident fund—get passed on to the right person after your demise. In case there is no nominee, your heirs will have to go through cumbersome legal formalities to inherit your property. Thankfully, most banks these days have online nomination facilities, and it's a breeze.
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How to nominate for bank accounts If you have an account in one of the big Indian banks, chances are that you can nominate by accessing their net banking site or mobile app. Once logged in, navigate to the "Service Requests" or "Account Services" feature. There, you should see an option to register or change a nominee. Enter the nominee's name, date of birth, relationship, and phone number or email. Upon submission, you may need to confirm the request through an OTP. The bank will send the confirmation of the update via SMS or email after successful submission. This can be changed at any time and can be altered in case your preference changes. In joint accounts, the change of nomination may require consent of all of the account holders.
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How to register a nominee for mutual funds online For mutual fund investors using demat accounts or digital platforms like Zerodha, Groww, Paytm Money, or official registrar websites such as CAMS and KFintech, the process is also digital. Log in to your investment platform and find the profile or nominee registration section. You’ll need to provide the nominee’s full details, including name, date of birth, and relationship. If the nominee is a minor, guardian details must be added. The process can request you to complete the verification via OTP or e-sign via Aadhaar. Once successful nomination submission is made, you will be notified. SEBI now requires every folio to possess a nominee or an opt-out choice—defaulting can restrict future transactions.
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How to modify EPF online nominee details For Employee's Provident Fund (EPF) accounts, the nominations can be modified via the EPFO member portal. You have to sign in with your Universal Account Number (UAN) and password. On the "Manage" page, go to the "e-Nomination" option. Update the family information first, and then choose one or more nominees by giving them percentage shares. Save the details, and finally, e-sign the form with an Aadhaar-linked OTP. The modification becomes effective immediately and does not need to be approved by your employer. This provides your family members with quicker settlement of claims in case of your demise.
Protect your family's future with timely nominations Valid nominations in your financial accounts are part of your financial planning. Whether it is your EPF savings, your mutual fund investments, or your bank savings, a registered nominee spares your loved ones the agony of red tape and legalities during already trying moments. Since all nominations are so easy to manage online, you could check what you have opted for from time to time and modify as you want. Taking the time today is imperative, though, since it can pay fat dividends tomorrow.
