What is the procedure for transmission in case of Joint Accounts?

In the event of death of one of the joint holders, the securities will be transmitted to the surviving holder(s) on submission of Transmission Form and notarized copy of the death certificate of the deceased joint holder to the DP. For transmission of securities, the account of the surviving holder(s) must be in the same …

Learn More What would happen if no nomination is made for the account?

In case nomination is not made by the sole account holder, the securities would be transmitted to the account of legal heir(s), as may be determined by an order of the competent court. However in cases where the value of securities to be transmitted is less than Rs. 1,00,000/- the DP may process the request …

Learn More Can the nominee be changed?

Yes, the nomination can be changed anytime by the account holder/s by simply filling up the nomination form once again and submitting it to the DP.

Learn More What is the procedure for nomination?

The nomination form duly filled-in should be submitted to the DP either at the time of account opening or later. The account holder, nominee and two witnesses must sign this form and the name, address and photograph of the nominee must be submitted. If nomination was not made at the time of account opening, it …

Learn More Can a NRI be a nominee?

Yes, NRI can be a nominee subject to the exchange control regulations in force from time to time.

Learn More Can separate nomination be made for each security held in a depository account?

No. Nomination can be made account wise and not security wise.

Learn More Can a minor be a nominee?

Yes, a minor can be a nominee. In such a case, the guardian will sign on behalf of the nominee and in addition to the name and photograph of the nominee, the name, address and the photograph of the guardian must be submitted to the DP.

Learn More Can there be more than one nominee?

No, only one nomination can be made for one depository account.

Learn More Who can be a nominee?

Only an individual can be a nominee. A nominee shall not be a society, trust, body corporate, partnership firm, karta of Hindu Undivided Family or a power of attorney holder.

Learn More Can a minor nominate?

No, a minor cannot nominate either directly or through its guardian.

Learn More Can a NRI nominate?

Yes, NRI can nominate directly. But, the power of attorney holder cannot nominate on behalf of NRI.

Learn More Can joint holders nominate?

Yes. Nomination is permitted for accounts with joint holders. But, in case of death of any of the joint holder(s), the securities will be transmitted to the surviving holder(s). Only in the event of death of all the joint holders, the securities will be transmitted to the nominee.

Learn More Who can nominate?

Nomination can be made only by individuals holding beneficiary accounts either singly or jointly. Non-individuals including society, trust, body corporate, partnership firm, karta of Hindu Undivided Family, holder of power of attorney cannot nominate.

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