What is the Nomination Facility?
Nomination can be made by individual holders who are maintaining single or joint accounts. Nomination facility is also available to NRIs. Facility for nomination is available on account basis and not by security basis. No nomination facility is available to companies, trust etc. A minor also, is restricted from nominating anyone by himself or through the guardian. However, a minor can be a nominee and in such cases, the guardian should sign on behalf of the minor. Address and photographs of both the minor and the guardian should be sent to the Depository in such cases. In the case of nomination, the nominee, that is the beneficiary, should be an individual and trust, companies etc should not be a nominee. At present, one nomination can be made for a depository account.
