HOW TO ADD A NOMINEE TO DEMAT ACCOUNT/ ADDING NOMINEE DETAILS TO DEMAT ACCOUNT

As per regulatory guidelines on “Nomination for Eligible Trading and Demat Accounts”, it is now mandatory for all Trading/ Demat account holders to update the nomination details by either registering the details of your nominee or opting-out from providing the nomination details. Here in this article, we will see the process involved in adding nominee.

 A nominee can be a person who will be a legal heir of your investments in case of any unpredicted event. A nominee can be your father, mother, siblings, spouse, children or any other individual. It can’t be non-individuals like corporate institutions.

Steps to update nominee details in ICICI Direct:

Online nomination process:

Single account holders can update the nominee details by online nomination process.

• Login to your account on ICICI Direct
• You will see the pop-up as mentioned below. If you wish to Add nominee, then click on Add Nominee button. You can add up to 3 nominees for your account.

• You will have to fill in the details such as nominee’s name, relationship, date of birth, % of allocation. If there are multiple nominees, then you can divide the allocation among them. Once all details are filled in, you may click on submit.
• If you wish to opt-out, then click on “I will do it later from Settings”.
• In case you wish to update nominee later then you can do the same in the "Personal Details" section from settings. Scroll down to "Trading Nominee" section and click on   to add nominee and fill in all the required details and submit. Please note that the nominee for your Demat account (single holder) will also get updated.

Offline (physical form) nomination process:

Trading accounts which are opened on or after 1^st October 2021 with ICICI Direct, are already compliant and need not take any action. However, if they wish to update or change they can do so by filling a physical form downloaded from the website.

Also, for joint account holders, all individuals need to give consent and hence online nomination is not allowed. So, they can update the same by physical form filling process.

You can login to website and download the opt-in or opt-out form. Fill in the forms and submit them at your nearest ICICI Bank or ICICI Direct branch.

Important points to be kept in mind while filling the nomination form:

• Nominees can be appointed by INDIVIDUALS only.
• Name and address of nominee and account holders signature is required in the form.
• Nominee ID proof is not mandatory.
• Witness name and sign is also not mandatory. Witness details required only when holder provides thumb impression.
• If customer wants to "OPT-OUT" nominee or want to delete existing nominee then, same form should be filled up with “I do not wish to make a nomination”.
• If nominee is minor, name and address of guardian is required.
• In case of minor, minors date of birth is required.
• Account holder, nominee and guardian should not be the same person.

Conclusion:

Adding nominee details can make the process of transferring investments easy and saves lot of time for your family in case of any unpredicted event such as death.  If you wish to update the nominee details you can follow the simple steps mentioned above and make sure of secured future for your family members.

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