I recall my uncle from Bangalore, nominating my cousin, who now resides in Canada, for his life insurance policy. Initially, we were not sure about: Can NRI be a nominee? But after confirming with the insurer, it turned out to be completely valid. A non-resident Indian (NRI) can be considered as a nominee in a number of Indian financial and legal instruments, including joint funds, bank accounts, insurance policies, real estate, and even employee benefit plans.
Can NRI Be Nominee?
You can designate a Non-Resident Indian (NRI) as your nominee if you live in India. Legally, there is no restriction on nominating an NRI in most Indian financial products. However, before sending money abroad, you must first obtain RBI approval.
At the time of claim settlement, however, more documentation—particularly in relation to KYC, identity verification, and tax compliance—may be needed in the case of an NRI nominee. It's always a good idea to update nominee information and get clarification from financial or legal experts depending on the kind of asset.
I hope this helps!
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Can NRI Be a Nominee?
Bilal89
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6 months
2025-06-27T10:49:56+00:00 2025-06-27T10:50:15+00:00Comment
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