Shiva Sahakari Bank Niyamita offers the Nomination Facility to its customers in accordance with the provisions of Section 45ZA, 45ZB and 45ZC of the Banking Regulation Act, 1949 (as applicable to Co-operative Banks) and the guidelines / directions issued by the Reserve Bank of India (RBI) from time to time.
The nomination facility is available for the following deposit accounts
Secure, flexible accounts designed to help you save while earning interest on your deposits.
Convenient, transaction-friendly accounts tailored for businesses with high operational needs.
Earn guaranteed returns with fixed-tenure deposits offering attractive interest rates.
Grow your savings steadily with monthly deposits and assured maturity benefits.
Specialized deposit options offered in compliance with Reserve Bank of India guidelines.
A minor can be a nominee. In such a case, the depositor shall appoint a person (who must have attained the age of majority at the time of such appointment) to receive the deposit in the event of the depositor’s death during the minority of the nominee.
In the case of a sole depositor of an account, the sole depositor may avail of the facility only for the benefit of his account beneficiary.
The depositor(s) may cancel or modify the nomination at any time during the continuance of the account. Such cancellation or alteration shall be notified by the depositor to the Bank.
The nomination does not take away the right of the legal heirs. The legal heir is not precluded from demanding the payment from the nominee after the demise of the depositor and applicable rules.
In the event of the death of the depositor, the Bank shall make payment of the deposit to the nominee upon the production of the death certificate. The payment to the nominee shall constitute a full and final discharge of the Bank’s liability.
Avoids claims and disputes at settlement. Makes the claim process smooth and settlement easy. Helps the bank process claims efficiently with less paperwork.
Unclaimed deposits refer to deposits in Savings Accounts, Current Accounts, and Term Deposit Accounts that have remained inoperative for a period of ten (10) years or more, in accordance with applicable Reserve Bank of India (RBI) guidelines.
Customers holding such unclaimed deposits are advised to visit their respective branch of Shiva Sahakari Bank Niyamita to submit a claim and complete the necessary formalities.
To reactivate and process the payment of unclaimed deposits, please prepare the following documents
Claims will be processed after due verification of documents as per bank policy and RBI guidelines.
For further assistance, please contact their Home branch or the Customer Service Desk.
