Question: Deeksha registered a nominee for her fixed deposit, The bank successfully recorded the nomination but issued the fixed deposit receipt without the Nomination Registered indication. As per the RBI Master Circular on Customer Service in Banks, 2014, did the bank complete the nomination process correctly?
Answer: No, as The RBI Circular requires banks to indicate Nomination Registered on the passbook, fixed deposit receipt or other relevant account documents after registering a valid nomination. Hence, the bank did not fully comply because the required indication was omitted from the fixed deposit receipt.

Supporting evidence:
title: rbi.org.in/72MC010714CS.pdf
quote: banks are advised that in addition to the legend 'Nomination Registered', they should also indicate the name of the Nominee in the Pass Books / Statement of Accounts / FDRs
context: When a bank account holder has availed himself of nomination facility, the same may be indicated on the passbook so that, in case of death of the account holder, his relatives can know from the pass book that the nomination facility has been availed of by the deceased depositor and take suitable action. Banks may, therefore, introduce the practice of recording on the face of the passbook the position regarding availment of nomination facility with the legend "Nomination Registered". This may be done in the case of term deposit receipts also.
Further, banks are advised that in addition to the legend 'Nomination Registered', they should also indicate the name of the Nominee in the Pass Books / Statement of Accounts / FDRs, in case the customer is agreeable to the same.

19.6 Separate nomination for savings bank account and pension account

Nomination facility is available for Savings Bank Account opened for credit of pension. Banking Companies (Nomination) Rules, 1985 are distinct from the Arrears of Pension (Nomination) Rules, 1983 and nomination exercised by the pensioner under the latter rules for receipt of arrears of pension will not be valid for the purpose of deposit accounts held by the pensioners with banks for which a separate nomination is necessary in terms of the Banking Companies (Nomination) Rules, 1985 in case a pensioner desires to avail of nomination facility.

19.7.1 Nomination facility in respect of deposits

(i) Nomination facility is intended for individuals including a sole proprietary concern.
(ii) Rules stipulate that nomination shall be made only in favour of individuals. As such, a nominee cannot be an Association, Trust, Society or any other Organisation or any office-bearer thereof in his official capacity. In view thereof any nomination other than in favour of an individual will not be valid.
(iii) There cannot be more than one nominee in respect of a joint deposit account.
(iv) Banks may allow variation/cancellation of a subsisting nomination by all the surviving depositor(s) acting together. This is also applicable to deposits having operating instructions "either or survivor".
- (v) In the case of a joint deposit account the nominee's right arises only after the death of all the depositors. (vi) Witness in Nomination Forms: The Banking Companies (Nomination) Rules, 1985 have been framed in exercise of powers conferred by Section 52 read with Sections 45ZA, 45ZC and 45ZE of the Banking Regulation Act,