The Reserve Bank of India (RBI) has told all banks to allow depositors to use the nomination facility if they intend to avail the service.
The RBI noticed that sometimes customers open joint accounts with or without either-or survivor mandate. They are then dissuaded from exercising the nomination facility. The RBI has also stated that the nomination facility is available for joint deposit accounts and advised the banks to ensure that their branches offer the nomination facility to deposit accounts which includes joint account holders. The central bank also said that thumb impressions on the nomination forms are required to be attested by two witnesses.