How to Add a Nominee to ICICI Direct Account?

In accordance with regulatory guidelines governing “Nomination for Eligible Trading and Demat Accounts,” it is now a mandatory requirement for all holders of Trading/Demat accounts to either update their nomination details by registering the nominee’s information or choose to opt out from providing such details.

Adding a Nominee to ICICI Direct account

For ICICI Direct account holders, the process of updating nominee details can be done online through the following steps:

Online Nomination Process:

• Log in to your ICICI Direct account.
• If you wish to add a nominee, click on the “Add Nominee” button.

• You can add up to three nominees, providing details such as their name, relationship, date of birth, and percentage allocation.

• After filling in the details, click on submit.
• If you prefer to opt out, select “I will do it later from Settings.”
• For those who wish to update nominee details later, this can be done in the “Personal Details” section from settings. 
• Navigate to the “Trading Nominee” section, click to add a nominee, fill in the required details, and submit. Note that updating the nominee for the Demat account (single holder) will also be processed.

Offline (Physical Form) Nomination Process:

• Trading accounts opened on or after October 1, 2021, with ICICI Direct are already compliant and do not require further action unless an update is desired.
• Joint account holders must provide consent individually, making online nomination inapplicable. They can update nominee details by filling out a physical form available for download on the website.
• Download the opt-in or opt-out form from the website, fill it out, and submit it at the nearest ICICI Bank or ICICI Direct branch.

This process ensures compliance with the regulatory framework and allows account holders to manage their nominee information seamlessly.

Key points to keep in mind

Adding a nominee to your ICICI Direct account involves a straightforward process, but it’s essential to keep some key points in mind:

1. Only individuals can be appointed as nominees for your ICICI Direct account. Legal entities such as companies or trusts cannot be nominated.

2. Ensure you provide accurate information for your nominee, including their full name and address. Additionally, your signature as the account holder is necessary on the nomination form.

3. Witness details are required only when the account holder provides a thumb impression instead of a signature. In such cases, two witnesses should sign the form.

4.  If you wish to opt out of nominating a beneficiary or want to delete an existing nominee, you can use the same nomination form. Clearly state your intention by filling out the relevant section that says, “I do not wish to make a nomination.

5. If your chosen nominee is a minor, you must provide the name and address of the guardian. Additionally, the minor’s date of birth is a crucial piece of information.

Conclusion

Your account records will be updated once you’ve completed the nomination form and sent it to ICICI Direct. Naming a beneficiary is important because it guarantees that, in the event of an unexpected incident, your assets will be distributed to your loved ones.