Now, four nominees can be added to a bank account instead of one. Customers will also be able to decide which of the four nominees will receive what share and who will be given priority.
The Finance Ministry announced on October 23 that this change will simplify and make the banking claim and inheritance process easier and transparent.
The new rule will come into effect on November 1, 2025. Guidelines for the form and process for adding, changing, or canceling nominations will be released soon.
Customers can add one, two, three, or four nominees to their account. The share of each nominee can be fixed. Nominees can be changed or canceled at any time.
If customers wish, they can also appoint a successor nominee – this means that if the first nominee passes away, the second will have the claim. In this order, the third and fourth nominees will be able to claim.
The Finance Ministry stated that while customers can register four nominees for bank accounts, only Successive Nominations will be allowed for safe custody and locker cases. This means that in the absence of the first nominee, the second nominee will be eligible for claim. This change will eliminate delays in claiming jewelry, documents, and valuables stored in lockers.
How will it benefit customers?
Account holders can now divide their deposits equally—e.g., 25% each to their wife, son, daughter, and mother.
Previously, there was a requirement to provide only one name, which increased the likelihood of family disputes.
Having four names and a clear share will reduce family disputes and court cases.
If the bank already has four nominees registered, there will be no legal complications.
The bank can transfer funds or locker items to the nominee directly by reviewing the records.
This will save family members time, money, and mental stress.
Lockers will now also have a sequential nominee system (1, then 2, then 3).
This means that if the first nominee is no longer eligible, the second will automatically become the rightful owner.
Transparency and trust will also increase in the banking system.