Is it mandatory to have a nominee for a Fixed Deposit

It isn't mandatory but it's always advisable to update the nominee on all your accounts including Term / Fixed, Savings and the overall value you keep / invest with the bank. If a nomination is in place, the bank would simply pay-off the amount lying in deceased's account to the nominated person.

You can View/Add/Change a nominee for your Fixed / Recurring Deposit in the following ways:

1. On Mobile Banking

Go to Banking
Fixed/Recurring Deposits
Nomination Update

2. On Net Banking

Go to Investment -> Deposits
Nomination Update

3. Alternatively you can place this request at our nearest branch as well.

Please Note:

1. If a new nominee is opted for, a confirmation letter with a copy of the Form DA1/DA3, filled up by you using Net/Mobile Banking options, will be sent to your registered mailing address.
2. Post adding New Nominee online existing Nominee will be automatically removed (if any).
3. To place a request for multiple nominations on the same account, please place your request at branch.

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Is it mandatory to have a nominee for a Fixed Deposit?