Is the nomination facility available for five-year fixed deposits?

Yes, the nomination facility is indeed available for five-year fixed deposits. This important banking feature allows you to formally designate a person who will receive the funds from your fixed deposit in the unfortunate event of your demise.

The nomination facility applies to fixed deposits of all tenures, including five-year terms. When opening a new fixed deposit account, you will typically find a section in the application form where you can provide the nominee's details. If you have an existing fixed deposit without a nomination, you can approach your bank to add a nominee at any time.

The process of adding a nominee is straightforward and requires:

1. The nominee's full name
2. Their relationship to you
3. Their address details
4. Their date of birth (particularly if the nominee is a minor)

It is advisable to keep your nomination details updated. The nomination facility simplifies the process for your friends and family to access your funds after your passing, helping them avoid lengthy legal procedures. Banks do not charge any fees for adding or modifying nomination details on your fixed deposit accounts.