New Delhi6 minutes ago
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Bank customers will now be able to add four nominees to their account and will also be able to decide who will get how much share and who will be given first priority. Customers will be able to add all four names to the account one by one or simultaneously as per their convenience.
The government has started this system for uniform and easy settlement of claims in the banking system. For things kept in safe custody and safety lockers, only incremental nomination i.e. nominating names one after the other will be allowed.
Today i.e. on Thursday (October 23), the Finance Ministry said that the main rules related to nomination of the Banking Laws (Amendment) Act, 2025 will come into effect from November 1. This Act was notified on 15 April 2025.
Government said – This will bring clarity in settlement and succession
The ministry said, ‘Customers can make four nominees and decide the share or percentage of each nominee. This will lead to transparent distribution among all the nominees.
People who keep goods in deposit, safe custody or locker can make four nominees. If the previous nominee is no longer available, the next nominee will do the job. This will bring clarity in settlement and succession.
In the Banking Companies (Nomination) Rules 2025, which are coming into effect from next month, there will be process and forms for making, canceling nomination or deciding more than one nominee and will be released soon.
What will the common man get from these changes?
- The functioning of banks will be more transparent and faster.
- The security of your money and locker will increase.
- The new nomination rules will bring ease to your family.
- The old rules have been updated as per today’s times, which will improve the banking experience.
What does nominee mean?
Nominee means a person whose name is attached as a nominee in a bank account, investment or insurance and is entitled to claim the investment amount in case of sudden demise of the concerned person.
After death, the nominee will claim the money, but the nominee will receive the amount only if there is no dispute in it. If the deceased has heirs, they can claim that amount for their rights. In such a situation, the amount or share of the property will be divided equally among all the legal heirs.
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