How to Add a Nominee to Your Demat Account

All individuals with demat accounts need to nominate someone by December 31, 2023. This ensures that if something happens to them, their assets can be passed on to their heirs without problems. If you do not do this, there could be limitations on your account. Here's how to nominate someone: 

- You can nominate if you are the only or main account holder.

- Even if you share the account with someone, you can still nominate.

- But, if it's not an individual's account, you can't nominate anyone.

Who Can Be Your Nominee?

Nominees can be people you choose, like your family members. It's a good idea to talk to them about it to avoid problems later.

How to Nominate Someone?

You can get a nomination form from your DP (the company that handles your demat account) or download it from their website. You will need to give your details and your demat account number. 

For the nominee, you will need to provide their name, any relationship to you, their birthdate, and address. If you have more than one nominee, you also need to say what percentage each person should get.

Doing It Online:

You can also nominate someone online by going to your DP's website. Fill out the nomination details there, and they will check it using your Aadhaar card and a one-time password (OTP).

Also Read: RBI Extended The Last Date For Exchanging Rs. 2000 Notes