Secure your EPF, mutual funds & bank savings: Here's how to add a nominee

Your pension, mutual funds and savings must go to your heirs without hassle

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Appointing a nominee for your pension, mutual funds and bank accounts ensures your assets are passed on smoothly upon your death. Without being listed as nominees, legal heirs may face delays and cumbersome paperwork to claim what is theirs. Fortunately, most financial institutions now offer digital nomination facilities.

 

Bank accounts: Add nominee via net banking or app

Banks now allow customers to register or update nominees through their online portals or mobile apps.

Steps to nominate online:

 

1. Log in to internet banking or your bank’s mobile app

 

2. Navigate to ‘Service Requests’ or ‘Account Services’

 

3. Select ‘Add/Update Nominee’

 

4. Fill in nominee details (name, date of birth, relationship, contact info)

 

5. Authenticate using OTP

 

Confirmation is sent via SMS or email

 

For joint accounts, changes may require consent from all account holders. You can revise the nominee any time.

 

Mutual funds: Nominate through platforms like Groww, CAMS

If you invest through demat platforms or directly with registrars like CAMS and KFintech, nomination is fully digital.

 

Process:

 

1. Log in to your investment platform or registrar’s website

 

2. Locate the nominee registration section under profile settings

 

3. Provide full nominee details; if the nominee is a minor, add guardian details

 

4. Complete e-sign using Aadhaar OTP

 

5. Receive confirmation of successful nomination

 

According to regulations, mutual fund investors must either nominate someone or explicitly opt out. Not following the rule can block new transactions.

EPF: Use the EPFO portal for e-nomination

Employees can update EPF nominees via the EPFO Member e-Sewa portal.

 

Steps to follow:

 

1. Log in using your Universal Account Number (UAN)

 

2. Go to ‘Manage’ > ‘e-Nomination’

 

3. Add family details, then assign share percentages to one or more nominees

 

4. Authenticate using Aadhaar-linked OTP

 

No employer approval is needed; the update is effective immediately