Nominee is a person who is designated to receive the benefits of a financial or legal arrangement, such as a bank account, insurance policy, mutual fund, or property, in case of the account holder’s or policyholder’s death.
In the case of a bank account, the nominee is entitled to receive the account’s balance in the event of the account holder’s death.
In the case of an insurance policy, the nominee is entitled to receive the policy’s benefits upon the policyholder’s death.
In mutual funds, the nominee is entitled to receive the fund units upon the death of the investor. Similarly, in the case of property, the nominee is entitled to inherit the property upon the owner’s death.
Designating a nominee can help to ensure that your assets are transferred to your intended beneficiary after your death without any legal hassles.
Nomination is a simple process and can be done by providing the nominee’s name, relationship, and contact details to the financial institution or legal authority that holds the asset.
It is important to keep your nominee details up-to-date and ensure that your nominee is aware of their nomination.
Other Tools :- Zerodha Brokerage Calculator
Nominee Add in Zerodha Kite
- Log in to your Zerodha account using your username and password.
- Click on your profile icon on the top right corner of the page and select ‘My Profile’ from the dropdown menu.
- On the ‘My Profile’ page, click on the ‘Manage Account’
- You will redirected to Console My Account Page.
- Click on the ‘Add Nominee’ button and enter the details of your nominee, including name, relationship, date of birth, and address.
- Upload the necessary documents, such as a copy of the nominee’s PAN card, photograph, and proof of address.
- Review the details and click on the ‘Save’ button to submit your nominee’s details.
- Your nominee’s details will be reviewed by Zerodha and once verified, they will be added to your account.
Note that Zerodha allows you to add up to three nominees to your account. It is recommended to keep your nominee’s details up-to-date and inform them about their nomination.