NRI Account Nomination Rules & Succession Planning

No, nomination is not enough for succession planning for NRIs. Considering this, to ensure smooth transfer of assets, it should be supported by proper succession planning and a valid will.

If there is no nominee in an NRI bank account, the legal heirs need to provide documents like a succession certificate or probate to continue their right over the proceeds. It further delays the procedure and consumes a lot of time.

While nomination is not legally mandatory for NRI bank accounts in India. However, the RBI strongly suggests a bank account nomination to avoid legal compliance and delays for heirs.

No, a nominee does not become the legal owner of an NRI bank account after death. He/she acts as a trustee/ custodian who transfers the funds to legal heirs as per the succession law or the Will.

NRIs can appoint up to four nominees in each of their bank accounts, i.e., NRE, NRO, and FCNR. The nominee can be an individual, whether resident or non-resident, including family members or minors.